Budget Forecast Shows Minnesota is on the Right PathOn Thursday, state budget officials released a new economic forecast showing Minnesota’s economy is growing and our long-term budget outlook is stable. We are also in a strong position to weather unforeseen challenges down the road. Corporate profits are soaring, but many working families still face challenges. Our historic 2023 budget began to tackle the rising cost of childcare, health care, and housing. Throughout the 2024 session, House DFL lawmakers will continue working with our neighbors and community members – rooted in the values we all share – to lower the cost of living and deliver economic security for working families. We are growing the middle class through jobs with good pay, benefits, and working conditions so Minnesotans can build better lives. Our economic outlook is a testament to the strength and resiliency of Minnesotans, and we will continue to manage our state’s finances in an effective, responsible manner while being responsive to challenges facing people and communities across the state. Tax Season UpdateDFLers have been making big moves to help working families, and you’ll feel some of the benefits this year as you file your 2023 taxes. During the first week of the 2024 legislative session, the House passed a technical corrections bill for the 2023 Tax Bill. This was our very first action on the floor this year because it will affect nearly all Minnesotans as we prepare to file taxes. This bill ensures all Minnesotans receive the return they’re entitled to. The biggest change from last year’s bill was updating how we account for inflation, and the adjustment will save Minnesotans around $300 million dollars as they file 2023 taxes.  If you’re a renter, don't forget to claim your property tax refund! This is the first year renters will be able to receive this credit with their tax filing rather than later in the year. Along with making it simpler and more convenient, we also expanded the credit to many Minnesotans who didn’t qualify previously. I also want to remind you that nearly 300,000 Minnesota households are eligible for the nation-leading Child Tax Credit! With our Child Tax Credit, families will save up to $1,750 for each dependent. Democrats are cutting child poverty by one-third with this rebate. You can claim the tax credit by filing a 2023 income tax return. The $1,750 credit is for each child 17 years old and younger, with no limit on the number of children. For all tax filers, this credit begins to phase out at an income level of $35,000 and fully phases out at a maximum of $90,750 for a family with four children. Minnesota families: If you qualify, file your taxes to make sure you claim the benefits available to you. MPCA Small Business Environmental Loan ProgramIf your small business is looking to reduce on-site air emissions, clean up contamination, or generate less waste be sure to apply for the MPCA Small Business Environmental Loan program. The program offers zero-interest loans up to $75,000 to tackle these high-impact projects. You can learn more and apply here.  |