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Hello from the State Capitol,
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The short session we're expecting this year started with a first floor vote to clean up some of the errors in last year's tax bill.
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GOOD NEWS FOR MANY INCOME TAX FILERS
Many Minnesotans who are preparing to file their income taxes will likely see their returns improve due to bipartisan legislation that is expected to be signed into law.
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Last session, the legislative majority approved comprehensive taxes legislation that inadvertantly reduced standard income tax deductions, leading to tax increases for roughly 76% of Minnesotans. On Monday, the Minnesota House approved legislation that?reverses the errors.
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Specifically, the bill correctly inflates the statutory amounts for the standard deduction, additional standard deduction for seniors and blind taxpayers, and standard deduction amounts for dependents. Without this correction, the Department of Revenue (DOR) estimates that an additional $352 million in general fund tax revenue would be raised starting in tax year 2024.
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I?m relieved that?we were able to approve this legislation on a strong bipartisan vote. Doing so early in session means fewer will have to file amended income tax returns.
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NATIONAL FFA WEEK
This week is National FFA week, and I?d like to thank all of the local teachers and students who prioritize agriculture in the schools. The FFA focuses on helping students develop leadership and career skills, as well as nurturing an individual?s personal growth, and there are more than 9,100 local chapters nationwide.
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LOCAL VISITORS
It was good to see many familiar faces in St. Paul this week. Members of the Minnesota Corn Growers and Soybean Growers, as well as local county officials all stopped by to share their legislative concerns.
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Just a reminder, if you are ever in St. Paul and have an issue to discuss, I?d be happy to meet with you. Please email [email protected] or call 651.296.5505 to schedule a visit.
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Have a good weekend,
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Joe
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