Senate Approves Tax Plan With Income Tax Cut
ST. PAUL, Minn. (AP) _ The Minnesota Senate has passed its plan to cut income taxes while matching new federal tax cuts.
The bill passed Thursday would lower taxes on the first income bracket from 5.35 percent to 5.1 percent. It would also trigger future tax cuts when the state has a budget surplus and exempt estates worth up to $5 million from taxes.
It passed on a 34-32 vote, with all Democrats voting against it.
It's the final piece in a debate between the Republican-controlled Legislature and Democratic Gov. Mark Dayton. The two sides have just over two weeks to strike a final deal.