Minnesota House Approves $1.5 Billion In Tax Relief
The Minnesota House approved a tax bill providing $1.15 billion in relief over the next two years including a $218 million reduction on the state tax on Social Security income.
“Minnesotans have worked hard to generate the state’s budget surplus and it is time to recognize that and reduce their burden,” said Rep. Matt Bliss, R-Pennington. “Meaningful tax relief remains a top issue of mine in the House and I will keep working to make this happen. The people of Minnesota know better than government how to spend their own money.”
Part of the bill includes $218 million in relief for Minnesota’s senior citizens by increasing the income limit thresholds for the taxation of social security income.
More than $70 million to address college affordability through a first-in-the-nation tax credit for student loan payments. About 65,000 students will receive an average of $414 reduction in their taxes through a tax credit for student loan payments.
Farmers can expect $35 million in relief by reducing the burden farmers and agriculture land owners pay for school bond referendums. Approximately 240,000 farmers could receiver property tax relief to reduce their disproportionate share of school district debt service.
Families with young children will see $36 million in tax relief by modifying the child and dependent care credit. A family of four making $50,000 a year will receive an additional $1,200 towards their child care expenses.