State revenue officials will offer more detailed advice to tax filers today about that tax bill that Legislators passed and sent to Gov. Mark Dayton on Friday.
The $440 million tax cut package provides a long list of credits and deductions by lining up state and federal tax codes. It also repeals three new business sales taxes including a warehousing tax that was scheduled to start April 1. The bill also increases the state budget reserve by $150 million and sets up future increases each time there's a budget surplus.
The Senate Tax Committee approved the $432 million package that repeals three business sales taxes and aligns Minnesota tax policy with federal tax policy. Lawmakers were poised for a vote of the full Senate in the afternoon, but DFL leaders did not receive the needed Republican votes to waive the rules to allow for same-day action.
The tax cuts in the Senate bill come from aligning Minnesota's tax code with the federal code on various credits and deductions, changes that would benefit married couples, homeowners, college loan payers and others. It also would repeal three new business sales taxes passed last session on equipment repair, telecommunication equipment and warehousing.
Advocates are concerned that Gov. Mark Dayton's supplemental budget proposal and the budget outline that House DFL leaders released last week fall short of the $83 million that a 5 percent increase would bring this year.
Peterson, who represents Minnesota's 7th District, which runs along the western side of the state from the Canadian border nearly to Iowa, said he has unfinished business in Washington. He said he wants two more years to oversee implementation of the new farm bill.
The audit released Friday recommends four options for change, including the restructuring or elimination of the councils on Asian-Pacific Minnesotans, Black Minnesotans, Chicano Latino Affairs, and Indian Affairs
Despite a $1.2 billion budget surplus and a funding request from his own task force, Dayton released a revised budget last week that had no money for broadband expansion. Dayton said he left funding out of his budget because the plan lacked details.
Minnesota restaurant, resort and hotel owners oppose the move to a $9.50 hourly rate and automatic inflationary increases. They also want to be able to pay a lower minimum wage to employees who receive tips.
DFL Gov. Mark Dayton's Friday deadline for a tax cut bill is fast approaching, and lawmakers are not expected to meet it.
With a $1.2 billion budget surplus to work with, the governor formally proposed repealing three new business sales taxes passed last session, including the warehousing tax scheduled to take effect on April 1. He also proposed that Minnesota tax law conform with federal tax law on breaks for married couples, working families, child care and student loans.
State Sen. Roger Reinert, DFL-Duluth, and Rep. Jenifer Loon, R-Eden Prairie, will hold a State Capitol news conference Thursday to unveil a bipartisan package of options.
Senate Democrats agreed this week to the House position of a $9.50 hourly rate for large businesses, but they continue to oppose a provision for automatic future increases based on inflation.
The list of 1,000 changes released today also includes proposals to streamline government functions. The recommendations are part of what Dayton calls the "unsession," something he has talked about for the past year.
Law enforcement groups strongly oppose the bill, but Rep. Tina Liebling, DFL-Rochester, the chair of the House Health and Human Services Committee, said she wants the focus of the hearing on the health issues of medical marijuana, not the law enforcement issues.