Senate Republicans Outline $900 Million in Tax Relief

At a State Capitol press conference Thursday, March 16, Senate Republicans announced a $900 million dollar tax relief target for the next biennium. The Republican plan focuses relief in two areas: tax cuts for middle income Minnesotans and measures designed to boost economic growth for businesses, particularly in greater Minnesota.

The tax cut proposal for middle class Minnesotans would cut taxes for families making less than $135,000, gradually eliminate taxes on social security income for seniors making less than $120,000, and offer tax credits for student loan repayments.

To encourage business growth and expansion, the plan would exempt the first $100,000 from the statewide business property tax, provide tax credits for agricultural land, create incentives for new equipment purchases, and increase federal conformity in estate tax law.

Brandon Anderson, owner of Lonesome Cottage Furniture Company in Pequot Lakes, Jerry Nordick, a farmer from Breckenridge, and Andrew Cravero, a senior citizen from Circle Pines, spoke in support of the Republican plan.

According to Senate Tax Chair Roger Chamberlain, “Minnesotans haven’t had a break for seventeen years. There are gobs of money pouring into the state’s coffers, and the Governor and many people are willing to just spend it. You’ve heard these gentlemen speak. They need the relief.”

Governor Mark Dayton’s tax bill proposes $300 million dollars in tax cuts.