ST. PAUL, Minn – Members of the Minnesota Senate and House met today in a conference committee to discuss a joint proposal for a tax omnibus bill. The proposal provides $258 million in tax relief for Minnesotans and their families, and helps combat the growing burden of student debt. Several priorities of the Senate DFL Caucus are found in the conference committee agreement, including an expansion of the Working Family Credit, property tax relief, and a student loan payment tax credit.
“This omnibus tax bill proposal maintains much of the work we did this session,” said Senate Tax Committee Chair Rod Skoe (DFL-Clearbrook). “The agreement includes the Senate’s student loan payment credit, which will help make higher education more affordable and attainable for students across our state. This proposal also helps veterans by increasing the tax credit for past military service, and delivers property tax relief to farmers and small businesses throughout Minnesota.”
An expanded Working Family Credit, authored by Senate Tax Reform Division Chair Ann H. Rest (DFL-New Hope), is also included in the conference committee proposal.
“Today’s conference committee proposal increases access to the Working Family Credit, a proven tool for helping Minnesota workers move upward and out of poverty” said Sen. Rest. With this proposal, we can extend tax benefits to more Minnesota families, including those without children. The bill also expands the 529 Savings Program, which will help more families save for college, and makes improvements to the child care credit, further easing the financial burden of working families.”