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Hello from the State Capitol,
The Minnesota House Taxes Committee approved bipartisan taxes legislation that protects Minnesota’s taxpayers while beginning to address our state’s future deficit problems.
I’m pleased the proposal is moving forward. With a $6 billion budget deficit looming, it was important to stop the continued financial punishment of Minnesota’s taxpayers. This bill not only reduces spending in future years, but it also provides meaningful relief to those who need it: seniors, veterans, homeowners, and main street businesses.
The taxes proposal will reduce state spending by $40 million in Fiscal Year 2026-2027 and another $40 million Fiscal Year 2028-2029.
In addition to avoiding any tax increases on hardworking Minnesotans, the plan also increases the market value exclusion amounts for homesteads occupied by disabled veterans; allows more senior citizen homeowners to defer a portion of their property taxes; and creates a sales tax collection credit for small to mid-size retailers, allowing them to retain a portion of collected sales tax.
Happy Mother’s Day to all our moms!
Greg
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