Bill with $20M in tax breaks bound for Dayton
Published 9:09 am Friday, January 23, 2015
ST. PAUL — Days into the income tax filing season, a bill that awards up to $20 million in extra deductions and credits is on the verge of becoming law.
The Minnesota Senate voted unanimously Thursday for the measure that previously sailed through the House. Gov. Mark Dayton intends to sign it.
The breaks are narrowly tailored and accomplished by aligning Minnesota’s tax code with recent federal changes. Teachers who buy supplies, homeowners paying mortgage insurance and college students with certain tuition costs are among the beneficiaries. Several types of businesses would have more flexibility in claiming deductions.