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Forum staff reports, Published March 20 2014

Highlights of Minnesota Senate tax cuts

Key points of a Minnesota Senate tax bill include income and business tax cuts.

  • Total net tax cuts: $432 million.

  • Change state tax law to match federal law and increase Working Family Tax Credit: $226 million.

  • Repeal business tax cuts passed last year: $232 million.

  • Repeal gift tax and increase estate tax threshold: $30 million.

    Note: Individual tax cut figures do not add up $432 million because bill also includes some minor revenue increases.