Income Tax Credits, Business Tax Cuts Dot MN House GOP Plan
MN House GOP Makes Tax Cut Proposal
Minnesota House Republicans are blending extra income tax credits and business breaks in their centerpiece plan to provide $2 billion in overall relief.
The proposal the GOP was outlining Monday lays out ambitions that could be difficult to achieve given resistance by Democratic Gov. Mark Dayton and majority Senate Democrats to cut taxes so deeply just as Minnesota is back on sound fiscal footing.
Republicans would expand a dependent care tax credit as Dayton has suggested, though not for as many families.
The GOP plan also offers credits for education expenses and student loan paybacks.
A temporary $1,000 per person exemption is also in the plan.
For businesses, it would phase out a state property tax over six years starting with sizable tax value-based exemptions in year one.