ST. PAUL, Minn. (AP) — Minnesota businesses that saw tax refunds delayed as the state dealt with a cash crunch are in line to get repaid sooner than anticipated.
The Senate voted 64-0 on Thursday for a bill that would get corporate franchise and sales tax refunds out before July 1. The House approved the same bill last week.
It scraps a payment delay the Legislature and then-Gov. Tim Pawlenty imposed last year to help Minnesota pay other bills on time as state cash flow dipped to worrisome lows.
Republican Sen. Julianne Ortman says the administration of Democratic Gov. Mark Dayton is prepared to pay out $80 million in refunds sooner than July 1 but needed legislative authorization first.
The tax bill also puts Minnesota’s tax code in line with various federal tax changes.
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