|
Dear Friends,
My thoughts and prayers have been with the entire Burnsville community this week. We must always remember that law enforcement and first responders put their uniforms on every day risking their lives to serve their communities. When you see a peace officer or first responder, make sure you thank them for their service and sacrifice on behalf of all of us.
This week, the House passed a bill to fix some of the technical errors in the 2023 tax bill. A problem was discovered over the summer regarding the standard deduction that would have impacted 76% of Minnesota taxpayers. By moving swiftly at the start of session to fix this error, we’ve saved Minnesotans $352 million in erroneous tax increases.
However, this bill failed to address another error in the 2023 tax bill. Changes made to the Net Operating Loss provision, which impacts our job creators, had the wrong effective date. The legislative intent was to make this provision effective for tax year 2024. However, the original bill contained an effective date of tax year 2023. If we do not fix this problem, which both Tax chairs promised to fix over the summer, our businesses will face an estimated $14.8 million tax increase.
Our families and Main Street businesses continue to struggle amidst the rising cost of living. Last session, we failed to provide any permanent, meaningful tax relief to support family budgets and help our job creators keep their doors open. The Majority promised $2,000 rebate checks and complete elimination of the tax on social security. But like their promise to fix the Net Operating Loss provision, they broke those pledges. One-party control is not good for Minnesota. Right now, our state government is unaffordable and irresponsible. We need balance in St. Paul so we can ensure the concerns of all Minnesotans are represented at the Capitol.
|
