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Rep. Davids’ bill would provide immediate tax conformity, tax relief for hard working Minnesotans

Fri, Feb 28th, 2014
Posted in All Commentary

By Jason Wenisch

Minnesota House of Representatives Communications Specialist

ST. PAUL, Minn. - In an effort to provide tax relief to hardworking Minnesotans, State Representative Greg Davids (R-Preston) is authoring legislation that would force Minnesota to conform state tax rates to that of the federal government.

“In 2011, the Republican legislative majority prioritized conforming to most federal tax provisions despite facing a $5 billion deficit,” Davids said. “In 2013, the DFL majority and Governor Dayton prioritized MNsure and a new $90 million Senate Office Building over federal conformity, while increasing taxes overall by $2.1 billion. Now that we have a budget surplus, it is time to correct the Democrats’ mistake and give Minnesotans some needed tax relief.”

Davids’ legislation would conform Minnesota’s individual income tax and corporate franchise tax to most federal changes enacted after December 31, 2013.

Some of the provisions include ending the marriage penalty; an increased income threshold for the working family credit; employer paid adoption assistance; employer provided education assistance; and extending the discharge of indebtedness, which prevents housing debt relief from being recognized as income and therefore taxed.

With a projected $1 billion surplus, Davids said Minnesota has the money needed to enact federal tax conformity and ease the financial burden of hardworking taxpayers.

“Minnesotans want to get started on their tax returns and collect their refund,” Davids said. “This is not an issue that should be ignored as ‘Tax Day’ is less than two months away. After all the wasteful spending projects the Democrats funded during the 2013 session, it’s time for them to spend a portion of our surplus on something that is truly necessary for many Minnesotans: federal tax conformity.”

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