In my previous updates, I’ve talked about the partisan politics that have already been displayed over the first few weeks of session by our new Democrat legislative majority. But to be fair, and to make sure people aren’t too disenchanted with state government, I need to highlight a good example of bipartisanship that occurred recently with the approval of tax conformity legislation.
The legislation conforms Minnesota’s individual income tax and corporate franchise tax to most federal changes enacted since April 14, 2011, for the tax year 2012 only. It’s actually a very important bill as it will prevent Minnesotans from having to amend their tax returns in the future, while giving individuals the income tax deductions they need in a timely fashion.
Some of the provisions included extending the higher education tuition deduction; extending the educator classroom expense deduction; extending the authority for individuals age 70½ or older to transfer up to $100,000 from an IRA or Roth IRA directly to a qualified charity; and extending the increase in the federal adjusted gross income limit on the amount of qualified conservation easements that may be claimed as a charitable deduction.
This bill was a perfect example of government working together in a good way. Republicans offered amendments that were needed by individuals in this state, and they were accepted by the Democrat majority. We had a good discussion, and ultimately the bill was approved by a 127-0 vote.
With residents having received their W-2’s and other end of the year tax returns in the mail, they are eager to get started on their tax returns and collect their refunds, so hopefully the Senate will approve this legislation in quick order. In the meantime, I’m very pleased that the first bill to pass the House this year resulted in strong bipartisanship, just when many thought Republicans and Democrats couldn’t work together and solve state problems.