Tens of thousands of Minnesotans will benefit from a tax relief bill approved by the Minnesota House recently. The legislation was approved on a unanimous vote, and District 16B State Rep. Paul Torkelson of Hanska said he was proud to support it.
“This was the first bill approved by the full House this session, and I’m pleased that it will allow many taxpayers to keep more of their hard earned money,” Torkelson said.
According to Torkelson the legislation conforms state tax rates to that of the federal government.
Key provisions include:
• Providing deductions for higher education expenses
• Providing deductions for teacher classroom expenses up to $250
• Excluding compensation from taxable income for those who were wrongfully incarcerated
• Eliminating the need for two sets of depreciation schedules for those who purchase work equipment
• Providing an itemized deduction for mortgage insurance premiums
• Excluding from gross income loan forgiveness on home foreclosures
• Allowing the tax paid on high-cost employer health care coverage to be claimed as an itemized deduction
“By passing the bill quickly, we are preventing early income tax filers from having to file an amended tax return in the coming weeks,” he said.