Governor Dayton Signs Tax Cuts for Over 200,000 Minnesotans
Original bill would have provided tax cuts to more than 450,000 Minnesotans
ST. PAUL, Minn. – Governor Mark Dayton today signed a bipartisan legislation cutting taxes by $21 million for more than 200,000 Minnesota taxpayers. The cuts signed by Dayton today, were included int he Dayton-Smith Administration’s original tax bill proposal, which in total would provide $300 million in tax cuts for more than 450,000 Minnesotans.
The bill would provide relief to college students and their families paying for higher education, teachers buying classroom supplies out of their own pockets, homeowners who refinance their mortgages, and new homeowners paying mortgage insurance.
The bill also includes significant benefits for businesses, and will reduce the number of forms Minnesotans need to complete when filing on paper. It also allow electronic filing software to be updated ahead of the filing season, so taxpayers can more easily claim the additional refund on their 2016 tax return.
Who Will Benefit:
- 35,000 College Students – The bill signed by the Governor provides 35,000 college students and their families paying higher education tuition $4.3 million in tax relief.
- 70,000 Teachers – The tax cuts signed into law by Governor Dayton will make 70,000 Minnesota teachers eligible for a tax deduction for the books, crayons, and other essential classroom materials they purchase, totaling $3 million in tax savings.
- 73,000 Homeowners – The tax cuts signed into law by Governor Dayton will provide 73,000 Minnesota homeowners who pay mortgage insurance premiums for their qualified residence tax breaks totaling $11.6 million.
- Homeowners – The bill signed by the Governor provides homeowners who refinanced their homes or went through a short sale a total tax cut of $17.4 million.