 Rep. Aisha Gomez introduces HF1938, the omnibus tax bill, on the House Floor April 27. (Photo by Catherine Davis)
The checks are almost in the mail. Raising kids could become a tad more affordable. And three-fourths of those receiving Social Security income wouldn’t pay taxes on it.
Such would be the case if the provisions in the House omnibus tax bill become law. And they are edging closer to reality, as the House approved HF1938 Thursday evening by a 69-57 party-line vote after four-and-a-half hours of debate.
Sponsored by Rep. Aisha Gomez (DFL-Mpls), the bill, as amended, would create a new fifth-tier income tax rate for the highest 0.8% of earners and a worldwide combined reporting provision for corporations that sock away their earnings in offshore accounts.
But that’s just the revenue-raising side of the equation. The bill’s primary focus is tax cuts, and the spreadsheet shows $3 billion worth are in the bill by the end of fiscal year 2025, from those rebate checks that Gov. Tim Walz has been touting to new tax credits for families with children and a modified Social Security subtraction that will apply to 76% of Minnesotans receiving such benefits.
“This bill constitutes the largest tax cut in Minnesota history, regardless of what you may have heard,” Gomez said. “It contains targeted tax cuts. It puts money in the pockets of the Minnesotans who most need it."
➡️ Read more at Session Daily
WATCH ▶️ Thursday's House Republican news conference ahead of floor debate on the bill
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