ST. PAUL, Minn. (AP) — A GOP-sponsored bill aligning Minnesota’s tax code to sweeping federal changes will head to the House floor for a vote.
The House proposal cleared its final committee Wednesday and includes modest income tax rate cuts and a slight increase to the standard deduction. The proposal would also result in tax increases for some 180,000 Minnesotans.
Rep. Greg Davids, chairman of the House Tax Committee, says that pales in comparison to steep tax hikes and confusion tax filers will encounter next year if the Legislature doesn’t align Minnesota’s tax code with the federal changes. He says corporate taxes subsidize individual tax filers under his plan.
Democrats say they worry the plan cuts several deductions that help people lower their tax bill.
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The Department of Revenue is reviewing the plan.