Minnesota Lawmakers to Hand out Nearly $1B in Tax Cuts

MINNEAPOLIS (AP) – The Minnesota Legislature is on track to hand out serious tax relief to thousands of businesses and unemployed workers this year.

The final tax bill agreed to by lawmakers late last week features nearly $1 billion in tax cuts over the next four years.

The bill includes about $650 million in tax relief on federal emergency loans received by businesses and unemployment insurance benefits received by workers.

The push for nearly $1 billion in tax hikes on wealthy Minnesotans and corporations sought by House Democrats and Gov. Tim Walz was mostly wiped away by an unexpected budget surplus plus billions in aid from the federal government.