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Tax Bill Passes House (Audio)

Wednesday, February 13th, 2013 at 6:06 am

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.

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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.

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