Dear Friends and Neighbors,
On Wednesday, the House passed the Tax Omnibus Bill which, if signed into law, will give hardworking Minnesotans $2 billion in tax relief. From middle class families to seniors to entrepreneurs, this tax plan will have a positive impact on thousands of people living in our community.
First, Woodbury is home to many young families, and our tax plan offers additional tax credits to help ease the costs of daycare, pre-k and education expenses, college savings and college supplies. In all, our tax package and the creation of a new Minnesota personal or dependent tax exemption could save a middle class family of four more than $500 over the next two years. That's real money in your pocket for other important expenses like groceries and gas.
Additionally, for aging Minnesotans and Baby Boomers, our bill will phase-out the income tax on social security as well as exempting military pay and pensions from income tax. For seniors on a fixed income, these exemptions can make a significant difference.
Finally, living so near to Wisconsin, we know how important it is to attract businesses to our side of the border. Included in the Tax Omnibus Bill is a phase-out the statewide general property tax which will lower prices for consumers and help increase employee wages. And to encourage entrepreneurial innovation, the bill includes $101.9 million for research and development tax credits and adds another $6 million to the Minnesota Angel Investment tax credit.
What's more, it's also important to note what is not in our Tax Omnibus Bill. An amendment was offered to include Governor Dayton's gas tax increase, and it was unanimously voted down. A gas tax, however, is still in the Senate version of their Transportation Omnibus Bill, but with so little support from Minnesotans, House Republicans will continue to oppose this regressive and unnecessary tax hike.
Our Tax Bill is about making Minnesota taxpayers a top priority, and I am pleased this bill will lessen the tax burden for people in our community. With our budget, House Republicans are able to invest in what's important like education and transportation while still offering $2 billion in tax relief to Minnesotans.
As your voice in St. Paul, if I can be of any assistance to you or your family on a matter of state government, please don’t hesitate to contact me.
Sincerely,
Kelly
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