ST. PAUL, MINN. – In a move that recognizes the values of a shared harbor community, Sen. Reinert (DFL-Duluth) has been calling for repeal of the warehousing tax for months. On Friday, Sen. Reinert voted to repeal that tax and several others included in the Senate’s omnibus tax bill. The bill passed by a vote of 58 to 5. It was a vote that was delayed after the GOP initially refused to suspend the rules on Thursday afternoon.
“I am thankful to my Senate colleagues for acting quickly and repealing the business to business taxes. We have acted in time to avoid the warehousing tax which was set to go into effect on April 1,” said Sen. Reinert.
In addition to repealing all of the B2B taxes, the bill also includes a number of federal tax conformity changes. Among the most high profile include eliminating the marriage penalty, which targets middle-class tax relief for about 650,000 married couples. The bill also expands the Working Family Tax Credit to reach 16,000 new Minnesotans.
“This tax bill is a nod to Minnesota’s business community and hard-working Minnesotans showing that we respect them and listen to their concerns. The Senate’s omnibus tax bill really takes a balanced approach that combines tax cuts and tax repeals with saving for the future by putting money into the state’s budget reserves,” said Sen. Reinert.
In addition to the tax repeals and federal conformity changes, the omnibus tax bill transfers $150 million into the state budget reserve in July and also sets an automatic threshold for future surplus revenues.
For more information, contact Sen. Reinert’s office at 651-296-4188.