The Minnesota Senate kicked off the second week of the 2018 session on a light note – former Olympic hockey player Senator David Tomassoni rose on the Senate Floor Monday to congratulate fellow Chisholm native John Shuster and his USA Curling teammates on winning the United States’ first-ever Olympic gold medal in curling. The entire Senate chamber rose to a standing ovation in response to Sen. Tomassoni’s speech.
On Wednesday, Minnesota Management and Budget (MMB) released a new forecast that projects a $329 million budget surplus for the current biennium. Less than 10 years ago, Minnesota faced a $6 billion budget deficit. The remarkable fiscal turnaround is due in large part to a prudent decision made by Governor Dayton and DFL lawmakers to raise income taxes by 2% on the richest 2% of Minnesotans in 2013. Continue reading “Senate DFL Week in Review: March 2, 2018”
Welcome back to the Legislature! Here’s what to look for in 2018:
State lawmakers returned to Saint Paul this week to kick off the 2018 Legislative Session. The second year of a biennium is historically reserved for the development of a significant capital investment bill (also known as the “bonding bill”) and a supplemental budget. Other press ing issues, such as federal tax conformity, will also take center stage.
TAXES: There is typically agreement among lawmakers to conform Minnesota’s tax code to federal tax reform, but this year may be different due to the Trump Administration’s federal tax changes. If Minnesota does not conform, 2019 state tax filing could be more complicated for taxpayers. If the state does conform, significant state-based tax reform will be needed to avoid a potential $463 million tax increase on Minnesotans. Continue reading “Senate DFL Week in Review: February 23, 2018”