Tax Bill Passes House (Audio)
On Monday the Minnesota House of Representatives passed their first bill of the 2013 session, which will reduce taxes for middle class Minnesotans. The bill, which passed unanimously on a bipartisan vote, conforms Minnesota’s tax system to changes passed in the American Taxpayer Relief Act of 2012. As a result, an estimated 200,000 Minnesotans, including teachers, students, homeowners and seniors, would be able to file their state taxes with more convenience and with a greater tax benefit.
State Representative Ann Lenczewski (DFL – Bloomington), is the House Tax Committee Chair. She explained some ways this new legislation will benefit minnesotans.
According to the Minnesota Department of Revenue, over 250,000 Minnesotans would be benefit from federal tax conformity, including:
· 55,000 teachers who claim the $250 educator expense deduction
· 90,000 homeowners who claim an itemized deduction for mortgage insurance premiums
· 60,000 students or parents of students who take up to $4,000 for the higher education tuition and fee deduction
· The bill also helps an unknown amount of seniors with their social security benefits that would be taxable in Minnesota.