Minnesota Senate Media Services
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Tax Agreement Reached
Posted
May 17, 2013
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186
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May 17, 2013
186
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15:09Now PlayingWith the goal of raising $2 billion dollars in additional revenue, DFL leaders and Governor Dayton announced a tax bill agreement that will include a two percent income tax hike on the top two percent of income earners.
Scratched from the agreement is a tax on alcohol, but cigarette taxes will jump, as will taxes on some corporations through revised efforts to "close loopholes." As previously announced, consumers will not pay sales taxes on clothing or services, but some business-to-business sales taxes will be applied, such as telecommunications equipment and warehouse storage. Local governments will receive a sales tax exemption.
The DFL leaders also announced an agreement to provide property tax relief and to use the expected current biennium fund balance to help accelerate school district payments. The plan for income tax surcharge, orginally in the House tax bill, is excluded from the final agreement.
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