2015 04 18 TaxReliefHandout

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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. $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. $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.). 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.

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Outline of GOP tax proposal

Transcript of 2015 04 18 TaxReliefHandout

  • 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.

    $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 masters 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.

    $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.).

    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 veteran with 20 years of service could receive up to $1,970 in relief each year from exempting military retirement pay.

    $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 long-term care tax-exempt savings plan.

    $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 Minnesotas 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 Minnesotas border communities by working toward restoring competitiveness with neighboring states by giving tax reductions to border city enterprises.

    240,000 farmers could receive property tax relief to reduce their disproportionate share of school district debt service.