Welcome, students, to taxes for recent graduates 101.
Days into the income tax filing season, a bill that awards up to $20 million in extra deductions and credits is on the verge of becoming law.
Minnesota’s top revenue official says his agency has finished its review of 2013 tax returns to determine eligibility for tax breaks enacted by the Legislature in March. Revenue Commissioner Myron Frans said Friday that anyone who hasn’t received a supplemental refund check or been contacted by agency officials by this week didn’t qualify. Lawmakers took steps in March to line up the state’s income tax code with a federal one, making some filers eligible for extra credits and deductions.
Hundreds of thousands of Minnesotans will be getting a break on their taxes. Gov. Dayton signed $443 million of income and sales tax cuts into law Friday, after lawmakers passed the bill. The changes will take effect over next 15 months.
Minnesota’s bid to host the 2018 Super Bowl has led to discussions about potential tax breaks. Democratic Gov. Mark Dayton and legislative leaders were meeting privately Wednesday about tax changes that could be needed to land football’s premier game. Senate Majority Leader Tom Bakk has said previously that the league expects cities that host the championship game will exempt player salaries from the income tax and lift taxes on game tickets.
Minnesota taxpayers might have thought the Vikings stadium debate was behind them, but there may be another controversy brewing.
Gov. Mark Dayton has told Minnesota business leaders to expect his revised budget plan to call for $1.8 billion in new state taxes, largely by raising rates on the highest earners.
A second attempt by Minnesota Republicans to craft a tax-cut bill has met the same fate as the first.
A Minnesota filmmaker who pleaded guilty to defrauding the state in a scheme to misuse tax credits aimed at bringing movie makers to Iowa has been sentenced to 10 years in prison.
The simmering debate at Minnesota’s Capitol over the balance between providing government services and encouraging economic growth flared in the Senate on Tuesday, as Republicans passed a tax bill they said would make the state a better place to do business.
The Republican chairwoman of the state Senate Taxes Committee says she views tax breaks as state spending and says they should be reviewed to see if they should stay on the books.