SAINT PAUL, MINNESOTA — The Minnesota House today passed a bipartisan tax bill that includes House DFL measures to maintain funding for the Health Care Access Fund, double the standard deduction, cut taxes for working families and Social Security recipients, increase Local Government Aid, and cut property taxes for farmers and small businesses. The bill will bring Minnesota into federal tax conformity.
“This tax bill provides significant tax cuts for hard working Minnesotans who struggle to raise a family, pick up their prescriptions, pay off student loans, make the property tax payment, or afford the basic necessities that allow them to thrive,” said Tax Committee Chair Paul Marquart (DFL – Dilworth). “This bipartisan compromise creates a fairer tax system that invests in families, seniors, farmers, and small businesses.”
The tax bill cuts income tax rates for the first time in two decades and doubles the standard deduction to $24,400. These provisions will cut taxes for lower- and middle-income earners while greatly simplifying the tax filing process. About 93% of Minnesota taxpayers will now take the standard deduction that will result in a 7% tax cut for the median family income. Continue reading “House Passes Bipartisan Tax Bill”