Republicans Want To Exempt Social Security Income
House Republicans are aiming to exempt more Social Security income from taxes as part of a $1.35 billion tax relief bill, according to the Associated Press.
That provision was the highlight of Republicans’ tax bill released Wednesday. The bill would remove automatic raises on the state’s cigarette tax, provide property tax relief for farmers and businesses. A new tax credit for student loan payments could give more than 70,000 college graduates an extra $640 on average.
Much of the bill is a repeat from a package passed last year that Gov. Mark Dayton vetoed due to a wording error. House Speaker Kurt Daudt says the bill provides relief to Minnesotans who have gone without tax help for several years.
But it’s just the opening offer on taxes. Dayton has envisioned a much smaller tax bill.