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St. Paul, MN – Americans for Prosperity-Minnesota (AFP-MN) on Tuesday applauded House lawmakers for passing HF 4385, which broadly conforms state taxes to the recently reformed federal tax code, and gives additional tax relief to individuals and businesses. The bill passed 90-38 and now heads to the Senate.
“With a projected budget surplus, now is the time to put tax dollars back in the pockets of hardworking families across Minnesota. This bill ensures that Minnesota families and businesses continue to enjoy the benefits of federal tax reform, while taking a good first step toward permanent income tax relief for Minnesota families and individuals,” said Jason Flohrs, AFP-MN State Director. “For too long, Minnesotans have languished under a nearly worst in the nation tax climate, and it has taken its toll on our economy. It’s time for a different approach, and this bill is a good start in reigniting our economy.”
The bill features the first individual income tax rate reduction since 2000 and ensures Minnesota has more control over its tax code by altering the base Minnesota tax code calculation from federal taxable income to adjusted gross income.
Without specific action to address tax conformity issues, many Minnesotans would have faced unintended state tax increases as a result of the interaction with federal tax changes.
For further information or an interview, reach Jason Flohrs at JFlohrs@afphq.org.