The 2017 Legislative session produced a significant announcement from The Minnesota House of Representatives. They have approved legislation that would provide $1.35 billion in meaningful tax relief. The details of a bill center on middle-class Minnesotans, according to State Representative Tony Jurgens who said he’s most pleased about the language that assists our senior citizens.
Specifically, Jurgens outlined several provisions including $269 million in relief that would be provided for Minnesotas senior citizens by increasing the income limit thresholds for the taxation of Social Security income. Currently, for married couples, income less than $32,000 is exempt and for single filers that amount is the first $25,000. Under this bill, for tax years 2017 and 2018 married couples will see the first $61,000 exempt from income taxes. For single filers, it would amount to the first $46,500. Beginning in 2019 and continuing, the amounts increase further to $72,000 for married filers and $56,000 for single filers. Jurgens adds theres also $125 million to address college affordability through a first-in-the-nation tax credit for student loan payments; $35 million for families with young children by modifying the child and dependent care credit; $42 million in relief for farmers by reducing the burden farmers and agriculture land owners pay for school bond referendums; and $203 million to eliminate an extra property tax on small businesses up to their first $200,000 of commercial/industrial property. With a $1.6 billion surplus, its clear we need to allow Minnesotans to keep more of what they earn, and this bill does that, Jurgens said. We’ll have more on this issue and others when we welcome the Representative to KDWA’s In Depth airing on Wednesday.
