ST. PAUL – By a vote of 123 to 10 the Minnesota House approved a needed tax relief compromise that had been negotiated by House and Senate leaders. State Representative Greg Davids (R-Preston), chairman of the powerful Minnesota House Taxes Committee, was part of the select group that crafted the agreement which provides more than $800 million in relief over the next three years
“This is a historic tax relief proposal that positively impacts people in nearly every age bracket,” Davids said. “The middle class was truly prioritized in this bill, and I’m pleased we are able to present it to Governor Dayton.”
Davids said a number of provisions will be beneficial to Greater Minnesotans. They include
$150 million in tax relief for working families by expanding the working family tax credit and $32 million to reduce the cost of childcare; $90.6 million in agriculture property tax relief for Minnesota farmers; and $49 million in tax relief for families who contribute to 529 plans to save for their children's college costs.
There’s also $146 million in property tax relief for every small business in the state by repealing the commercial-industrial property tax on the first $100,000 of property value; $13 million in tax relief for veterans; and $110 million in tax relief for college graduates paying off student loans through a refundable tax credit up to $1,000 - the first of its kind in the country.
“It’s a solid bill that prioritizes the over-taxed Minnesotans who created our state budget surplus,” Davids concluded.