Dayton Signs $13M In State Tax Cuts
ST. PAUL, Minn. (AP) – Gov. Mark Dayton has signed a bill to bring Minnesota’s tax system into line with federal tax changes made in 2010 and guarantee about $13 million in state tax reductions to Minnesotans.
The action by Dayton and state lawmakers from both parties who passed the bill extends the income exclusion for health insurance to benefits for adult children up to age 26. It also provides state income tax deductions for higher education tuition expenses, classroom expenses for teachers, and deductions to Minnesota businesses for their charitable contributions of used computers.
The new law also authorizes the Minnesota Department of Revenue to release $97 million in business tax refunds that were delayed last year to help then-Gov. Tim Pawlenty balance the state’s budget.
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