Posted at 9:06 PM on July 19, 2011
by Jon Gordon
from MPR News reporter Alex Friedrich:
· Total General Fund (Gross): $2.87 billion
· How it compares to current fund: 4.9 percent less
· Tobacco bonds: Included in bill. These allow the state to borrow against future tobacco payments. They are the controversial GOP-backed item that was a cornerstone of the framework agreement.
· Local Government Aid: Restored to 2010 levels for largest cities. - similar to Senate bill but less than governor's proposal. The House had pushed to remove funding for Minneapolis, St. Paul and Duluth. But LGA for all three remains at 2010 levels.
· Renters' credits: Will be reduced in future budget years. The credit for property taxes: 19 percent for FY2012, permanently reduced to 17 percent beginning FY2013.
· Property tax: Expands the homeowner property tax refund program. Increases the maximum refund from $2,410 to $2,460. Expands the income range at which the maximum applies. Decreases copayment percentage for most participants.
· High-tech tax breaks: Data storage centers can exempt sales taxes for energy usage, software and computer equipment - a tax break designed to attract large data storage companies to the state.
· Estate tax: Allows the exclusion of qualified small-business properties and farm properties - whose combined value does not exceed $4 million -- from calculation of Minnesota estate tax
· Federal income tax: Will be included in future tax-incidence studies - a major GOP victory. Republicans had said such studies didn't consider the amount of money that wealthy residents were paying in taxes.
· Political Contribution Refund Program: Suspended for two years.
· Counties to fund Maintenance of Efforts at 90 percent of current levels.