Taxes

2021 Tax Budget Bill is agreed upon

The 2021 special session convened yesterday to finish up the state budget agreements before the deadline of July 1. The agreed-upon budget bill for Taxes has been released already. The spreadsheet information can be found here.

Senator Ron Latz introduces This Old House and This Old Shop Bill

Sen. Ron Latz, DFL-St. Louis Park, introduced legislation today to benefit main streets and neighborhoods all across Minnesota. Latz’s This Old House and This Old Shop proposal incentivize reinvestment in communities by providing targeted property tax relief for improving older homes and businesses.

Tax Relief for Families, Students, Farmers

The Omnibus Tax Bill expands tax credits for working families, helps ease the growing burden of student loan payments, and delivers property tax relief to farmers and small businesses across Minnesota. The bill passed the Minnesota Senate today with a bipartisan vote of 55-12; its next stop is the governor’s desk. Sen. Rod Skoe (DFL-Clearbrook) authored the omnibus bill as chair of the Senate Tax Committee.

529 Tax Credit Included in 2016 Tax Bill Compromise

Senator Greg Clausen (DFL-Apple Valley) has worked for several years to reinstate a state match of up to $500 to implement a Minnesota tax incentive for a 529 College Savings Plan. Sen. Clausen is pleased the legislation is part of the 2016 Tax Bill compromise.