The Senate is taking steps to finalize a comprehensive tax relief package as quickly as possible with an aggressive schedule of hearings this week on issues ranging from the working family tax credit and other federal conformity issues to the repeal of business to business sales tax changes made last session.
By gathering public testimony and carefully considering the long-term costs of these tax cuts, we can accomplish tax relief for Minnesota families and businesses without jeopardizing the state’s fiscal health going forward. Further, discussions in committee are focusing on ways to enhance provisions passed by the House to make sure we are delivering as much targeted tax relief as possible.
Our priority is to pass a robust tax relief package as soon as we can. The Senate Tax Committee is working toward passing their bill to the floor.
In addition to tax proposals, the Senate continues work on a number of bills related to the state’s $1.2 billion surplus, including a proposal to bolster the state’s budget reserve account. Senate leaders have called attention to the fact that Minnesota lacks an adequate budget reserve to withstand volatility in the economy and protect funding to schools and other essential services.