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 Peggy Benentt, R-Albert Lea, issued the following statement regarding the bill:
"Minnesota's economy does better when Minnesotans have more money back in their pockets," Bennett said. "Our bill prioritizes tax relief for middle-class families, and will benefit farmers, seniors, veterans, college students, and many other families here in our community. I'm proud to support middle-class tax relief that will truly help Minnesota families."
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.