ST. PAUL – A plan that would reduce taxes on Minnesota’s families and businesses by more than $1.35 billion over the next two years has been approved on a bipartisan basis in the Minnesota House. State Representative Tim Miller (R-Prinsburg) voted in favor of the measure.
“It’s important to remember our surplus belongs to the taxpayers, not state lawmakers,” Miller said. “With $1.6 billion more than is needed, we need to find ways to get that money back to the people.”
Miller said well over half of the proposal is targeted to middle class Minnesotans. Highlights of the bill include:
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$269 million in relief for Minnesota’s senior citizens by increasing the income limit at which social security income is taxable
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More than $125 million to address college affordability through a first-in-the-nation tax credit for student loan payments, along with subtractions and credits for families saving for college using 529 Savings Plans
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$42 million in relief for farmers by reducing the burden farmers and agriculture land owners pay for school bond referendums
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$35 million for families with young children by modifying the child & dependent care credit
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$203 million in relief for Main Street businesses by exempting the first $200,000 in property value from the extra tax on businesses and freezing its automatic inflator
“I like the fact that we are really targeting the middle class with this legislation,” Miller said. “Whether its senior citizens or people just getting into the workforce, we’re going to be able to give them necessary relief so they can do the things in their lives with their money.”