Tax Cut Deal in Sight as Time Winds Down at Legislature
ST. PAUL, Minn. (AP) - The first piece of the Minnesota Legislature's surplus spending plan is finally falling into place.
Legislative leaders agreed Friday to put $275 million toward a tax relief package. The deal between House Republicans and Senate Democrats would expand an existing childcare tax credit, institute a new tax credit for student loan debt and more.
It's one of several major hurdles remaining for lawmakers as they aim to divvy up a $900 million budget surplus before adjourning on Monday. The tax bill would leave roughly $625 million to hash out a transportation funding plan and extra state government spending. Gov. Mark Dayton also wants to leave $200 million unspent as a cushion in case the economy sours.
Dayton hasn't yet weighed in on the compromise.