Tax cuts will put more money in the pockets of families, individuals, and businesses
ST. PAUL, MN – Governor Mark Dayton today signed legislation (HF1777) cutting taxes for middle class Minnesotans and businesses. The $508 million tax cut signed into law today will put more money in the pockets of middle class families, individuals, and thousands of businesses across Minnesota. Because the Legislature acted quickly to pass the bill, many Minnesotans will see immediate tax savings during the current tax filing season.
“These tax cuts will put more money in the pockets of Minnesota families and businesses, and in the spirit of the Unsession, make taxes simpler for Minnesotans,” said Governor Dayton. “I thank Senate Majority Leader Tom Bakk, House Speaker Paul Thissen, House Majority Leader Erin Murphy, Tax Chairs Rod Skoe, Ann Lenczewski and Ann Rest, and the other legislators, who spearheaded these tax cuts to passage.”
Since some of these tax cuts will be available immediately during this filing season, the Minnesota Department of Revenue is working with tax preparers and online tax preparation services to update tax filing software for the estimated 1.4 million Minnesotans who have not yet filed their taxes.
For those Minnesotans who have already filed their taxes, the Minnesota Department of Revenue will review each tax return and determine whether adjustments and refunds can be made automatically. The Department will contact any taxpayer who will need to file an amended return to receive these new tax benefits.
Reducing Taxes for Middle Class Minnesotans ($230M)
By conforming Minnesota’s tax code to the federal government’s, the bill signed today by Governor Dayton will simplify taxes and provide tax cuts for middle class Minnesotans.
Reducing Business Sales Taxes ($232M)
All three business-to-business taxes have been repealed.
Tax Credits for Innovation and Jobs ($3M)
The bill signed today provides additional tax credits to fuel innovation and create jobs.