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The House Republican Omnibus Tax bill provides $2 billion in tax relief to middle-class
families, college students, aging adults, veterans, farmers and job creators & innovators
The most significant part of this package – a new Minnesota personal or dependent tax
exemption – could save a middle-class family of four more than $500 over the next two
years.
A family of four with a pre-kindergartener could receive
up to $1,500 in tax savings each year from deductions
on pre K-12 expenses.
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$538.6 million to give Minnesotans relief through a NEW state version of the personal or
dependent exemption on tax returns equal to 25 percent of the federal exemption.
$50 million to give MNsure enrollees relief if they are paying more through the state
exchange than they were under their previous health insurance provider.
$47 million to give families with children in grades K-12 additional savings by increasing the
education deduction.
$35 million to give families with children additional savings by expanding the dependent
care tax credit.
$20.5 million to give consumers relief by repealing the 2013 Democrat tax on digital
products (including digital music, books, movies, ring tones, video gaming, etc.).
$20.3 million to give families with pre-kindergarteners relief by expanding the education
deduction to include pre-kindergarten expenses.
$1.9 million to give Minnesotans additional savings if they utilize a fitness facility.
Helps K-12 teachers complete a master’s degree program in the content area directly related
to their licensure by giving them a $2,500 tax credit.
A college or technical school student could receive
up to $3,500 in student loan debt relief each year
from a tax credit for student loan payments.
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$130.6 million to give college, technical and trade school students relief through a NEW tax
credit for principal and interest loan payments on student loans.
$40 million to help families saving for higher education costs by providing a tax credit and
allowing them to deduct contributions to the Minnesota Colleges Savings Plan.
$680,000 to give students relief from sales tax on educational supplies (including textbooks,
art supplies, tools used in courses for trade and career courses etc.).
A veteran with 20 years of service could receive
up to $1,970 in relief each year from exempting
military retirement pay.
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$236.7 million to give relief to aging adults living on fixed income by phasing-out the tax on
social security.
$51.6 million to give relief to veterans by no longer subjecting military pay and pensions to
income tax.
$9.5 million to help Minnesotans saving for long-term care costs by providing an increased
tax credit for acquiring long-term care insurance.
$250,000 to help Minnesotans saving for long-term care costs by establishing a NEW longterm care tax-exempt savings plan.
240,000 farmers could receive property tax relief to reduce
their disproportionate share of school district debt service.
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$60.5 million to give family farms and other Minnesotans relief by conforming the
Minnesota estate tax to the federal estate tax exclusion amount.
$49.4 million to give farmers relief by reducing their disproportionate share of school district
debt service by providing a property tax credit.
$500,000 to exempt propane storage tanks larger than 100 gallons and their accompanying
equipment from sales tax.
$453.3 million to lower prices for consumers and increase wages for employees by
modifying and phasing-out the statewide general property tax.
$101.9 million to encourage innovation through changes to Minnesota’s research and
development (R&D) credits, targeting start-ups and entrepreneurs.
Grows jobs in mining, timber, manufacturing and high tech industries by encouraging
investments in those specifically determined areas through a New Markets Tax Credit.
$15 million to grow biotech and tech jobs by creating a system to trade unused tax credits
held by biotech and tech companies with fewer than 250 people.
$6 million to encourage growth in start-up tech endeavors by increasing the amount available
under the Minnesota Angel Investment tax credit.
$2 million to help Minnesota’s border communities by working toward restoring
competitiveness with neighboring states by giving tax reductions to border city enterprises.