It's been 20 years since Minnesota has seen an income tax rate cut. But today the Minnesota Senate Republican Caucus published a press release with welcome news.
The Minnesota Senate is set to hear and pass a tax bill in a special session that will include federal conformity, so it will be easier for Minnesotans to file their taxes.
The bill also includes small business and farmer tax relief. This means Minnesotans will be able to keep more of their income, and property tax burdens will be reduced for businesses. Even better news is, the bill also includes additional local government aid (LGA) for cities and towns, to encourage more investment in communities.
If it passes, Minnesota businesses will get relief from a $50 million annual reduction in the statewide property tax.
The Senate is expected to vote on the bill next week. For more info go to mprnews.org.