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 Tara Mack, R-Apple Valley, issued the following statement regarding the bill:
"Minnesota families do best when they're able to keep more of their hard-earned money," Mack said. "This bill provides significant tax relief to families and will also help college students, seniors, veterans, and more. It's pretty simple: when Minnesotans have more money in their pockets, our economy thrives."
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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