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.
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.
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.
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.
As co-authors of the student loan tax credit, we are thrilled this landmark provision is part of the final, agreed upon tax bill. When the House refused to give the bill a hearing, we were concerned it would not become part of the final tax compromise.
Members of the Minnesota Senate and House met today in a conference committee to discuss a joint proposal for a tax omnibus bill. The proposal provides $258 million in tax relief for Minnesotans and their families, and helps combat the growing burden of student debt. Several priorities of the Senate DFL Caucus are found in the conference committee agreement, including an expansion of the Working Family Credit, property tax relief, and a student loan payment tax credit.