Greetings,
On Sunday, we adjourned the 2016 legislative session, finishing the biennium. The legislature was able to pass bills to help our state, including an $800 million middle-class tax relief proposal.
The tax bill provides exciting tax relief for middle-class families, college graduates with student loan debt, farmers, military veterans, and small business owners.
We’re still waiting for Governor Dayton to sign the bill into law. The tax bill passed the House 123-10, and the Senate 55-12, I hope the broad bipartisan support will spur the governor to add his signature. It’s a bill that both parties agree on, and relief that will help countless Minnesotans around the state.
Some of the amounts in the bill are as follows:
- $90.6 million in agriculture property tax relief for Minnesota farmers.
- $110 million in tax relief for college graduates paying off student loans through a refundable tax credit up to $1,000, the first of its kind in the country.
- $49 million in tax relief for families who contribute to 529 Plans to save for their children's college costs.
- $146 million in property tax relief for every small business in the state by exempting the first $100,000 of commercial-industrial property.
- $13 million in tax relief for veterans by raising the income eligibility threshold, and increasing the total credit from $750 to $1,000.
- $150 million in tax relief for working families by expanding the working family tax credit.
- $32 million to reduce the cost of childcare; by expanding the childcare tax credit, families could earn a tax credit up to $960.
In the coming days, I’ll continue to send updates on various provisions we passed at the end of session. Because there may be a special session, it’s important you continue to contact me with questions or ideas. I can be reached at 651-296-7808 or by email at rep.tim.odriscoll@house.mn.
Best,
Tim