March 9, 2020
News Release
RELEASE: SCOTT SUPPORTS ‘TIME FOR TAX RELIEF’ PACKAGE
ST. PAUL, MN—House Republicans held a press conference Monday calling for significant tax cuts for Minnesota families using the state’s $1.5 billion budget surplus. Among those supporting the package and calling for tax relief at the State Capitol this year is Rep. Peggy Scott, R-Andover.
“Minnesota’s hardworking taxpayers have been overtaxed to help create our state’s $1.5 billion budget surplus,” said Scott. “That’s why this year is the perfect time to provide meaningful tax relief and put this surplus back in the hands of Minnesotans.”
The House Republican proposal is highlighted by the following:
- Eliminating state taxes on social security benefits. House Republicans pushed to eliminate social security taxes for 250,000+ Minnesotans in 2017. This provision would finish that effort and eliminate social security taxes entirely.
- Childcare Tax Credit. Republicans are seeking to help families with childcare expenses by increasing the income threshold for the dependent care credit, making thousands more families eligible.
- Doubling the student loan tax credit. The House GOP proposal doubles the student loan tax credit for college graduates making payments on their loans from $500 to $1,000.
- Tax Fairness for Farmers and Main Street Businesses. Last session’s failure to enact full Section 179 conformity is causing massive unexpected tax bills for farmers and businesses. House Republicans are proposing to fully conform and make it retroactive so farmers and businesses are not stuck with tax bills many simply cannot afford.
- Property Tax Relief. By putting an additional $50 million into school equalization aid, this would result in a property tax cut for Minnesota homeowners by reducing reliance on local property tax revenue.
- Increasing the Personal Exemption. Every Minnesotan would benefit from an approximately $1200 increase to the personal exemption.
In total, Republicans are putting forward approximately $1 billion in tax relief; Senate Republicans announced their “Get Your Billion Back” tax plan earlier this year.
Scott said she hopes Governor Walz and Democrats will come to the table and let Minnesotans know whether they share this priority and will commit to tax relief this year.
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