ST. PAUL – The Minnesota House of Representatives unanimously supported a $21.7 million tax relief proposal on January 5, a move that’s expected to benefit tens of thousands of residents statewide.
“It’s good to see the House was able to get to work right away for the people of Minnesota in a bipartisan manner,” said State Representative Joe Schomacker (R-Luverne).
Schomacker said the legislation conforms state tax rates to that of the federal government. Key provisions include:
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Providing deductions for higher education expenses
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Providing deductions for teacher classroom expenses up to $250
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Excluding compensation from taxable income for those who were wrongfully incarcerated
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Eliminating the need for two sets of depreciation schedules for those who purchase work equipment
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Providing an itemized deduction for mortgage insurance premiums
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Excluding from gross income loan forgiveness on home foreclosures
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Allowing the tax paid on high-cost employer health care coverage to be claimed as an itemized deduction
Schomacker said the bill needed to be approved quickly in order to prevent early tax filers from being forced to complete amended tax returns.