Legislative UpdateTax (mostly) Corrections Bill The first bill to be passed off the House floor this year was the Tax Corrections Bill on Monday, HF 2757. After rushing through last session with total control of state government and no regard for the warnings of our caucus, democrats are now discovering the errors that happen when legislation is not given the proper amount of care. With this tax corrections bill we fixed an error where the standard deduction was incorrectly calculated. It is now correctly adjusted based on the rate of inflation. Unfortunately, another error in last year's tax omnibus was not corrected in this bill. Net Operating Loss (NOL) allows small businesses to carry a portion of their losses forward to the next tax year as a way to reduce their tax burden. Democrats reduced this deduction and started the change even sooner than they intended, but now that small businesses are struggling under the reduced timeline the majority party and the governor have backed off of their stated position to fix this problem that will cost businesses across the state millions of dollars. I hope we will be able to convince the majority to fix this problem and provide necessary relief to our small business community. Unfortunately, at this point even with a fix many businesses will need to file amended tax refunds and incur that added cost.  Get Involved The most important solution for the future of Minnesota is for everyone to get involved and make their voice heard. As we saw last year, when Minnesotans show up and make their voice heard we can force some decisions on the single-party controlled legislature and governor. Some upcoming ways you can get involved are precinct caucuses on February 27th and the presidential primary on March 5th. You can find your caucus location here and your presidential primary location here. |