Supersized Tax Cut Plan Passes House, But Much In Its Way
ST. PAUL, Minn. (AP) - After debating for hours about who stands to gain the most, Minnesota House lawmakers have voted largely along party lines for a tax cut that aims for more than $2 billion in breaks soon and double that down the road.
The GOP-led House passed it on a 74-58 vote Wednesday. It contains an array of income tax credits and exemptions. It would also add more protections against the estate tax and gradual but expensive end to a state property tax assessed on businesses.
One feature is a $1,000 personal and dependent exemption on state tax forms, which would exist for two years and then expire.
Democratic Gov. Mark Dayton and leaders of the Democratic-led Senate argue it cuts taxes too steeply and would leave Minnesota at risk of future deficits.