Middle-class families, farmers, seniors, veterans, college students all benefit from $2 billion in tax relief
ST. PAUL, MN—The Minnesota House approved the omnibus House Tax bill Wednesday with bipartisan support on a 74-58 vote. Representative Pat Garofalo, R-Farmington, issued the following statement regarding the bill:
"Republicans are committed to helping middle-class families through tax relief, lower energy costs, and by creating better-paying job opportunities across the state," Garofalo said. "This stands in stark contrast to the Democrats who want to raise taxes on the middle-class during a time of surplus, and enact energy policies that cripple Minnesota jobs and raise electric bills. Our tax relief bill will help families, seniors, college students, veterans, and farmers in every corner of the state."
Highlights of the tax bill include:
• 2,045,000 Minnesotans could receive relief through a NEW state version of the personal or dependent exemption on tax returns equal to 25 percent of the federal exemption.
• 366,500 aging adults living on fixed income could receive relief from the phasing-out of the tax on social security.
• 240,000 farmers could receive relief through a property tax credit that reduces their disproportionate share of school district debt service.
• 130,000 families with pre-kindergarteners could receive relief through the expansion of the education deduction to include pre-kindergarten expenses.
• 109,500 college students could receive student loan debt relief through a NEW tax credit for principal and interest loan payments on student loans.
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