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Tax (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 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.
Visit the State Capitol
This week really felt like we were back into the swing of things with a number of visitors who stopped by my office to share their concerns and goals for the legislative session. This week included visits from The Minnesota Soybean Growers Association who stopped by my office to advocate for our farmers, our county commissioners for County Commissioners Day on the Hill, and The Hutchenson Area Chamber of Commerce for their Day on the Hill. Earlier in the week I had members of Lead MN stop by to talk about their experience with the organization that supports college students across the state and helps them become successful.
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