Governor Tim Walz signed legislation Thursday providing $100 million in tax cuts to Minnesota individuals and businesses.
The first bill to pass in the 2023 legislative session, the bill will update several provisions in the state’s tax code to conform to the federal tax code. It is the fastest a tax conformity bill has ever been enacted in Minnesota.
“This bipartisan legislation will make tax filing easier and provide tax cuts to students and businesses across Minnesota,” said Governor Walz in a statement. “We are working swiftly and collaboratively to deliver on things that will lower costs for families. I’m grateful to our partners in the legislature who wasted no time getting this done for Minnesota.”
It's the first piece of legislation passed in what is expected to be a busy session, with marijuana, abortion, and other major policy issues on the agenda.
In total the bill will have a total impact of more than $100 million in tax savings, not only for businesses hurt by the pandemic, but also student loan borrowers.
“Lawmakers and Governor Walz recognized the need to get Minnesota’s tax code aligned with the federal tax code in order to provide millions of dollars in tax cuts to individuals and business,” Minnesota Department of Revenue Commissioner Paul Marquart said in a statement. “By moving quickly to get this bill passed, Governor Walz and lawmakers have given the department time to update affected forms and instructions and ensure a smooth opening to the income tax filing season.”
Supporters of the bill shared praise for it on Thursday. One of those speaking today was Dayna Frank, the owner and CEO of First Avenue. Frank said if this would not have happened, they would have had to close their doors.
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