SAINT PAUL, Minn. – Today, the Minnesota House acted quickly to pass an early federal tax conformity bill, HF 31. HF 31 will make several changes to bring Minnesota into conformity with federal tax law. This will result in over $100 million in tax cuts to a wide range of Minnesotans while simplifying future tax filings. This efficient and unified action is just the beginning of an effective legislative session under House DFL leadership.
“As the incoming Taxes Chair, this was a clear priority for our caucus. I am incredibly proud that our team was able to put this together and get it out the door in the second week of session,” said Rep. Aisha Gomez (DFL - Minneapolis,) Chair of the Taxes Committee. “I hope to continue this momentum as we work to create a fair and equitable tax system which allows us to build a Minnesota which works for everyone.”
Among the many provisions in the bill is one that would ensure that forgiven student loans are not taxable as income. Should President Biden’s student loan forgiveness go into effect, this will guarantee Minnesotans with student loans receive the full benefit. By passing this bill within the first two weeks of session, the Department of Revenue will be able to incorporate these measures in time for this year’s tax filing season. This will greatly reduce the administrative burden on individuals and businesses this tax season.
You can view the presentation and floor debate on this bill on the House YouTube page.
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