Minnesota Budget Proposal Includes Federal Conformity

Minnesota Gov. Tim Walz announced a budget proposal that includes:

– an expansion of the working family tax credit;

– increasing the subtraction for Social Security benefits;

– federal tax law conformity to new foreign income provisions;

– retention of state personal income tax deductions and exemptions;

– property tax relief created by modifying the sales tax exemption for local governments and nonprofits purchasing construction materials;

– a 20-cent increase in the gas tax; and

– a $50-per-acre property tax credit for farmers who provide buffer strips of land near public waters and drainage systems.

MinnesotaCare Tax

The governor also proposes to keep the MinnesotaCare tax at the rate of 2%.

News Release, Minnesota Gov. Tim Walz, February 19, 2019

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All stories by: CCHTaxGroup