Minnesota Senate Media Services
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Senate Passes About $1 Billion in Tax Relief
Posted
July 1, 2021
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July 1, 2021
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11:29Now PlayingThe Senate gave final approval to HF 9, the omnibus tax bill, thus finalizing state budget action with a nearly $1 billion dollar tax relief measure. Sponsored by Senate Tax Chair Carla Nelson, R-Rochester, the bill enacts several relief measures, including tax exemptions for loans secured through the Paycheck Protection Program and income received through unemployment benefits.
The bill also provides tax credits for affordable housing construction costs. It extends the Historic Structure Rehabilitation Credit for spurring historic building renovations, and it extends the Angel Tax Credit to encourage investments in startup companies. Finally, the bill enacts provisions to lower property taxes.
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