Home Business Minnesota lawmakers to set aside nearly $ 1 billion in tax cuts

Minnesota lawmakers to set aside nearly $ 1 billion in tax cuts

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MINNEAPOLIS (AP) – The Minnesota legislature is poised to provide serious tax breaks to thousands of businesses and unemployed people this year.

The final tax bill, agreed by lawmakers late last week, calls for nearly $ 1 billion in tax cuts over the next four years. The bill includes about $ 650 million in tax credits on federal emergency loans received by businesses and unemployment insurance benefits received by workers.

The push for nearly $ 1 billion in taxes for wealthy Minnesotans and corporations, which House Democrats and Gov. Tim Waltz have been pushing for, have largely negated the unexpected budget surplus plus billions in aid from the federal government.

Copyright 2021 Associated Press. All rights reserved.

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