ST. PAUL, Minn. (AP) — Minnesota Senate Republicans are pressing to get rid of a business property tax by the middle of next decade and give scattered tax breaks to married couples, military veterans and investors.
The tax plan outlined Wednesday would dish out $102 million in tax cuts next year and a growing amount in years to come. To pay for that, Sen. Julianne Ortman’s bill depends on money from state government cuts, drawing off the state budget reserve and greater tax compliance efforts.
The signature item is a gradual phaseout of a statewide business property tax. The goal is to eliminate it by 2026. Ortman argues it would improve Minnesota’s business climate and therefore make it easier for companies to hire more people. The bill also contains tax relief for married couples.
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