Priorities build on Minnesota’s economic progress with focus on middle class tax cuts and critical investments in education, job creation, and care for seniors
Saint Paul, Minnesota – Fresh off the success of passing tax cuts for more than one million Minnesotans, House Democrats passed their House supplemental budget bill in the Ways and Means committee today, teeing up a vote for the full House on Thursday.
Minnesota’s growing economy and strong budget passed in 2013 created a $1.2 billion budget surplus. The legislature has moved quickly to utilize about half of that surplus already, approving $443 million in tax cuts and directing $150 million to bolster the state’s budget reserve.
The House is building on that progress with a supplemental budget that puts middle class families, students and seniors ahead of wealthy special interests. Highlights of the supplemental budget include:
“This session we have already cut taxes for more than one million Minnesotans, but we aren’t done pushing for more ways to expand economic opportunity to more Minnesotans,” said Speaker Paul Thissen. “Rather than cater to wealthy special interests, we are pursuing a budget that will grow our economy from the middle-out while investing in bread-and-butter priorities to create more jobs and economic opportunity.”
House DFL Supplemental Budget
Job Creation: Bonding and Jobs and Economic Development - $170
Seniors & Caregivers - $91 million
Education - $92 million
Transportation - $50 million
Tomorrow, the House Ways and Means Committee will take action on a second tax bill, another key component of the House budget plan. “Tax Bill 2” will include $103 million in additional tax cuts for homeowners, renters, farmers and small businesses:
The House could take action on the second tax bill as soon as this Friday.
House DFL Budget Priorities By The Numbers
ALREADY PASSED:
$443 million in middle-class and business tax cuts for more than one million Minnesotans
$150 million increase in state budget reserve
HOUSE SUPPLEMENTAL BUDGET & TAX BILL 2
$103 million in additional tax cuts for homeowners, renters, farmers and businesses. ($443 million in middle-class and business tax cuts already approved)
$170 million in targeted investments in job creation and bonding
$92 million in targeted investments in education
$91 million in HHS funding, primarily for caregivers and nursing homes
$50 million in transportation funding
$36 million in public safety
$16 million in environment and natural resources & agriculture
$31 million left on bottom-line ($150 million already dedicated to the budget reserve)
$515 million surplus projected for our next budget cycle in FY 16-17.
###