Lawmakers Agree On Bill With $100 Million In Tax Cuts
ST. PAUL (AP) - Minnesota lawmakers are ready to deliver $100 million more in tax relief, including extra refunds and credits for homeowners, renters and farmers.
The deal described Thursday won't be voted on until next week but Gov. Mark Dayton has already pledged his signature. When combined with an earlier tax bill, it means that about $550 million of a $1.2 billion surplus will have gone out as tax breaks.
Under the deal, there would be almost $25 million put into property tax refund programs to increase the checks due to go out to eligible recipients later this year. Another $17 million would go into new agriculture tax credits, averaging $200 per farmer.
There are also business tax changes that give them more time to turn over sales taxes to the state.