Middle-class families, seniors, veterans, college students all benefit from $2 billion in tax relief
ST. PAUL, MN—The Minnesota House approved the omnibus House Tax bill Wednesday with bipartisan support on a 74-58 vote. Representative Mark Uglem, R-Champlin, issued the following statement regarding the bill:
"Today's bill is a great bill for Minnesota families, providing significant tax relief that will leave more money in the pockets of hardworking Minnesotans," Uglem said. "College students, seniors, veterans, and middle-class families across the state all stand to see significant tax relief under this bill. I'm proud to stand with my colleagues in support of a bill that lowers people's taxes which stands in stark contrasts from proposals at the Capitol to raise regressive gas taxes and fees."
Highlights of the tax bill include:
• 2,045,000 Minnesotans could receive relief through a NEW state version of the personal or dependent exemption on tax returns equal to 25 percent of the federal exemption.
• 366,500 aging adults living on fixed income could receive relief from the phasing-out of the tax on social security.
• 130,000 families with pre-kindergarteners could receive relief through the expansion of the education deduction to include pre-kindergarten expenses.
• 109,500 college students could receive student loan debt relief through a NEW tax credit for principal and interest loan payments on student loans.
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