$3 billion includes renters credit, child tax credit, public safety, and help for fixed income seniors
SAINT PAUL, Minn. – In a 34-33 vote Sunday, the Senate passed a tax bill that will deliver $3 billion back to Minnesotans in tax credits and rebates with a focus on working families, seniors, and property tax relief.
“This tax bill represents the largest package of tax relief in state history, and prioritizes the needs of those who need it most like families facing poverty and seniors on fixed incomes,” said Senator Liz Boldon (DFL-Rochester). “Our bill will put money directly into the pockets of Minnesotans with rebate checks, ensures 322,000 Minnesotans will pay zero tax on their social security income, and will reduce our child poverty rate by one-third. This will be monumental for Minnesotans across the state.”
Provisions in the tax bill include but are not limited to:
- $1 billion in rebates to middle class Minnesota families and individuals
- $1 billion in Social Security tax reductions; 76% of Minnesotans will pay no taxes on Social Security
- $1 billion to families with kids who are especially impacted by the high cost of life right now
- $300 million in property tax relief to homeowners, renters, seniors and farmers
- $300m in public safety aid across the state to help communities with projects that fit their unique needs (this amounts to $2.35 million approximately for Olmsted County, and over $5.3 million for Rochester)
- Millions more to help Minnesotans with property taxes, energy costs, and other everyday costs
The bill has already passed the House of Representatives, and now moves to Governor Walz for his signature into law.