April 28, 2021
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15:08Now PlayingGovernor Tim Walz's proposal to create a new fifth income tax tier to raise additional revenue by taxing Minnesota's highest earners ran into stiff Senate opposition Wednesday, April 28. The proposal, offered as an amendment to the Senate's omnibus tax bill by Senator John Marty, DFL-Roseville, generated spirited debate from both proponents and opponents.
The Minnesota COVID-19 recovery budget, also known as the Senate’s omnibus tax bill, passed off the Senate floor on a 39-26 vote and will soon be negotiated with the House in conference committee. The $681 million tax relief proposal includes tax exemptions for Paycheck Protection Program forgivable loans and federal unemployment assistance. The measure also provides relief for families impacted by the pandemic, including affordable housing incentives and child care property tax credits.
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