Legislature Passes Tax Cut Bill 22 Mar 14

Governor Dayton signed a $434-million dollar tax reform bill into law Friday after it was approved by both the Minnesota Senate and the House in the afternoon. The bill passed in the Senate with a 58-5 margin. It repeals the “Business To Business” taxes approved last year, including the sales tax on farm equipment labor, the warehouse tax, and a gift tax. The House approved the bill 126-6 following the Senate vote and the governor signed it shortly after. The Minnesota Department of Revenue will now reportedly review individual tax returns that have already been filed and determine whether adjustments and refunds can be made automatically, and will contact any taxpayer who needs to file an amended return to receive the new tax benefits.