Minnesota Residents Working In Wisconsin Get Tax Break
ST. PAUL (AP) - Minnesota residents working in Wisconsin will get both short- and long-term tax relief from the 2017 Legislature.
Reports say that such commuting residents will be eligible for an income tax reciprocity credit for 2017.
The tax credit's predicted cost would be about $8 million for the 2017 tax year. It'll be paid from Minnesota's general fund and be distributed by the Department of Revenue similar to a tax refund.
Provisions in the bill also direct the Minnesota Department of Revenue commissioner to carry on negotiations with the Wisconsin Department of Revenue for a new tax reciprocity agreement.
Around 80,000 workers travel between the two states. About 56,000 Wisconsin residents work in Minnesota, and 24,000 Minnesota residents work in Wisconsin.