ST. PAUL, Minn. - Saying it will improve the lives of more than 200,000 Minnesotans, Governor Mark Dayton on Friday signed a bipartisan tax bill that promises to cut taxes by more than $21 million.
"This bipartisan bill provides $21 million in tax relief to hardworking Minnesotans across our state, including college students, homeowners, teachers, and small business owners,” said Governor Dayton. “I thank the Legislature for quickly passing this relief proposed in my 2017 Tax Bill. I look forward to working with them to pass a more comprehensive tax relief plan that prioritizes the needs of hundreds of thousands of hardworking taxpayers across Minnesota.”
Among other things, the bill provides tax breaks to:
- 35,000 College Students – The bill signed by the Governor provides 35,000 college students and their families paying higher education tuition $4.3 million in tax relief.
- 70,000 Teachers – The tax cuts signed into law by Governor Dayton will make 70,000 Minnesota teachers eligible for a tax deduction for the books, crayons, and other essential classroom materials they purchase, totaling $3 million in tax savings.
- 73,000 Homeowners – The tax cuts signed into law by Governor Dayton will provide 73,000 Minnesota homeowners who pay mortgage insurance premiums for their qualified residence tax breaks totaling $11.6 million.
- Homeowners – The bill signed by the Governor provides homeowners who refinanced their homes or went through a short sale a total tax cut of $17.4 million.
The governor maintains that the bill includes significant benefits for businesses, and will reduce the number of forms Minnesotans need to complete when filing on paper. It also will allow electronic filing software to be updated ahead of the filing season, so taxpayers can more easily claim the additional refund on their 2016 tax return.
(© 2017 KARE)