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 Roz Peterson, R-Lakeville, issued the following statement regarding the bill:
"This bill will help put more money back in the pockets of middle-class families, giving tax relief to families, seniors, veterans, college students, and more," Peterson said. "During a time of surplus a tax increase on gasoline should be the last thing on the minds of lawmakers. We should be focusing on tax relief for families so they can keep and spend more of their hard-earned money."
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.
• Creates a long-term care savings account option to help Minnesotans plan for future care costs.
• 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.
In addition, the House unanimously defeated an amendment to increase the gas tax, a provision identical to the Senate DFL transportation gas tax increase.
###
