The House Ways and Means Committee April 15 shaved approximately $22.3 million from the House spending target of $30.65 billion.
The target amendment reflects budget changes needed in transportation, taxes, energy, housing and public health.
A $14.8 million cut to the tax target reflects budget changes because of a new law conforming the state’s tax code to federal law.
“The cost to that bill occurs during fiscal year 2009 so the tax target for the 2010-2011 biennium is being lowered by that amount,” said Bill Marx, House chief fiscal analyst. “That essentially means they will have to raise that much more money in fiscal ’10 and ’11.” He added that about $10 million has already been addressed in the federal conformity law.
A $7.56 million adjustment is being made to the omnibus transportation finance bill. This money will be spent during fiscal year 2009 to address a Greater Minnesota transit cash flow problem, said Rep. Loren Solberg (DFL-Grand Rapids), the committee chairman.
The new target also addresses some federal economic stimulus money the state is receiving. According to Marx, $5 million will be moved from an account within the House Taxes Committee’s jurisdiction to a target for the omnibus housing and public health finance bill.
The cut also reflects changes to the energy finance bill target by $173,000.
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