ST. PAUL – Legislation sponsored by State Representative Greg Davids (R-Preston) that would provide Minnesotans with $21.7 million in tax relief is headed to Governor Dayton for his approval. Davids’ bill was approved by the Minnesota Senate on January 12.
“The governor has indicated he will sign the measure, so I’m extremely pleased that countless residents will soon be receiving needed tax relief,” Davids said. “Now that our work has been completed on this measure, we can focus on creating a much larger tax relief plan that will assist millions of middle-class Minnesotans.”
Davids’ legislation provides relief by conforming state tax provisions to that of the federal government, and its early approval means Minnesotans can avoid higher tax bills as well as tax filing complications.
Some of the provisions in Davids’ tax conformity bill include tax deductions for higher education expenses and teacher reimbursement expenses; loan forgiveness on home foreclosures from being taxed at the state level; excluding compensation from taxable income for those who were wrongfully incarcerated; and eliminating the need for two sets of depreciation schedules for those who purchase work equipment.