Bill Heading to Governor’s Desk Will Allow Individuals, Businesses Across State to Take Advantage $100 Million in Tax Cuts This Year
ST. PAUL, Minn. – Senate Tax Chair Ann Rest (DFL-New Hope) and Tax Committee member Sen. Matt Klein (DFL-Mendota Heights) said that a bipartisan measure passed unanimously by the Senate today will help bring Minnesota into conformity with federal tax law and enable 500,000 Minnesota individuals and businesses to take advantage of more than $100 million in tax savings starting this filing season.
Senators Rest and Klein said it was a top priority to get the measure done quickly – with bipartisan support – so that Minnesota tax filers can take advantage of federal tax updates passed since 2018. The speed with which the legislation passed the Senate – and earlier in the House – will allow the Governor to sign the bill into law in time for state officials and tax preparers to update forms to prevent delays for Minnesota filers this tax season.
“Minnesota business and labor leaders alike are behind this common-sense update of Minnesota’s tax laws,” said Senator Rest, who became Tax Committee Chair at the beginning of 2023. “By aligning the state and federal tax codes, we have made filing taxes simpler and have allowed thousands of individuals and businesses across the state to take advantage of tax cuts this year. By passing this bipartisan legislation quickly, as we have done, we will get it to Governor Walz so that he can sign it into law in time for needed changes to be made this filing season.
“This bipartisan legislation will bring our state into conformity with federal tax law and take away some of the complexity that hundreds of thousands of Minnesota families and businesses would have faced when filing their taxes this year,” said Senator Klein. “We moved quickly to get this done so that Minnesotans will be able to take advantage of significant tax savings this filing season.”
The two lawmakers said the measure is important to thousands of Minnesotans, including those with student loan debt, businesses impacted by the pandemic, and filers who have made charitable contributions. Governor Walz is expected to sign the bill into law by the end of this week.