Last session, legislative Democrats were a bit sloppy in their crafting of the omnibus taxes bill, and approved it with numerous errors. For example, a provision was approved that reduced standard income tax deductions, which would have forced roughly 76% of Minnesotans to face a tax increase.
A clean up bill on that topic was approved early this session. Now, we are close to fixing another one of their oversights, which caused us to provide a technical fix to the Net Operating Loss (NOL) provision in the state’s tax code. This provision reduced the NOL deduction from 80% to 70% of taxable income for corporations. The legislative intent was to make this provision effective for tax year 2024. However, the 2023 Tax Bill contained an effective date of tax year 2023. If the error is not fixed, tax year 2023 filers will be liable for additional tax revenue with a general fund revenue gain of an estimated $14.8 million.
This taxes bill fix is currently in the House Ways and Means Committee and will soon be debated on the House floor.
I was pleased to learn recently of new legislation that would allow Minnesotans to vote on the new flag design that has been approved by the Minnesota State Emblems Redesign Commission.
During the commission’s meetings, the Minnesota Secretary of State stated it was unconstitutional to allow the public to vote on the new state flag. In response, non-partisan researchers found several legal ways that would make the process constitutional and put the flag design up for a vote this November.
A recent analysis found that roughly 75% of Minnesotans have some level of dissatisfaction over the process to create a new state flag or the final product itself.
People want their voices heard on this topic. Whether to approve a new state flag is not a decision that should be made by 13 appointees, every Minnesotan should be allowed to vote and have their say.
Have you heard about the new flying car technology being developed? Believe it or not, drivable aircraft could be available by next year, and I want Minnesota to start preparing for this technology rather than playing catch up.
My legislation would establish some rules for driving these airplanes when they are folded up on public roads and ensure they are properly licensed and registered.
Minnesota has always tended to react to new technology rather than being proactive in accepting it. It could be years before the first flying car ever takes off in Minnesota, but there is a company producing the vehicles, which means they will inevitably arrive. There’s nothing wrong with being prepared, and this bill would begin addressing potential regulations.