Dear neighbors and friends,
Yesterday, the House continued our quick pace by passing a bill to provide $500 million in tax cuts for families, businesses, and farmers. $200 million of the tax cuts would be for Minnesota families through federal conformity.
These will help people across the state. For example:
- Married Couples: More than 650K Minnesotans will see a tax cut. Average: $115. And the vast majority earn less than $100K
- Working Families: More than 50,000 working families will see an average decrease of $300.
- Students: Students and parents will get a tax cut for a deduction on student loan interest.
- Homeowners: Minnesotans who have recently bought or sold a home will get a tax break.
$300 million of the tax cuts would go towards the repeal of taxes on farm equipment repair, warehousing services, and telecommunications equipment.
The strength of Minnesota’s economy has made these tax cuts possible. Just a year ago, we returned to the House with a $600 million budget deficit and $800 million owed to our schools. Now, thanks the balanced budget we passed last year, Minnesota has a $1.23 billion budget surplus. That surplus gives us the flexibility to offer tax relief while also making critical investments. These tax cuts will help families, businesses, and farmers continue to drive Minnesota’s economy forward.
We recognize the urgency because people are filing their taxes as we speak. The House of Representatives has done its part to provide this important tax relief and to make filing your taxes easier. Please let me know if you have any questions.
Andrew Falk