Says Measure is Result of Months of Listening to Minnesotans
St. Paul, Minn. – Senate Taxes Committee Chair Ann Rest (DFL-New Hope) said today that after months of listening to people from across Minnesota, the committee has passed a tax proposal that embraces policies to respond to the modern economy.
Chair Rest said the measure modernizes state tax policy, addresses challenges facing farmers and greater Minnesota, reduces property taxes, supports education, and protects Minnesota’s nation-leading Child Tax Credit (CTC) that has already lifted thousands of children out of poverty.
“This tax bill will be very good for Minnesota. It responds to our modern economy and is the result of months of the Taxes Committee listening to people from across the state, and then taking action on their behalf,” said Senator Rest. “It also protects our working families by maintaining Minnesota’s nation-leading Child Tax Credit, especially in this time of tight budgets. I make no apologies about this tax bill, because you have to be really wealthy, a multi-national corporation, or Elon Musk to complain about it, because no Minnesota individual will otherwise pay any of it. So I’m very pleased with this bill and the benefits it will bring to our state.”
Key Provisions
Senator Rest said the bill supports her push to make Minnesota a leader in production of sustainable aviation fuel (SAF) with a nation-leading tax credit to help expand SAF production opportunities across the state. She said it opens up new markets for farm products and will create new Minnesota jobs as production facilities come on line.
The measure also contains a first-in-the-nation tax on the wealthy owners of social media companies who for years have made billions of dollars from selling Minnesotans consumer data that they have harvested for free. The provision will raise hundreds of millions of dollars for the state and leave Minnesota taxpayers untouched.
The Tax bill also:
- Provides restitution for Defrauded MN taxpayers
- Lower property taxes for Disabled Veterans
- Helps Minnesotans who serve in neighboring states’ National Guard
- Provides property tax relief for farmers
- Makes it easier to keep family farms in the family
- Reduces Property Taxes for Small Resort Owners
- Increased tax relief eligibility for low-income renters
- Provides additional aid for rural schools in areas with high number of cabin owners
- Maintains the Stability of Soil and Water Conservation Districts
- Expands Agricultural homestead eligibility
- Supports Beginning Farmers
- Bolsters fire protection and EMS aid
- Eliminates limitations on MN Border cities
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