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| Date: | March 17, 2011 | | Contact Name: | Peter D. Winiecki | | Contact Phone: | 651-297-8077 | | Contact Email: | peter.winiecki@senate.mn | | For Immediate Release | |
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| SENATE DELIVERS ON ITS COMMITMENT TO 2010 TAXPAYERS |
(St. Paul) - A unanimous vote of the Minnesota Senate approved a measure today that brings the state’s individual income tax and corporate franchise tax into conformity with recent federal changes. The bill (House File 79) has the support of revenue department officials and Governor Dayton has indicated that he will sign it into law.
“The main purpose of this bill is to ensure that Minnesota taxpayers are treated the same way as taxpayers in other states,” said Senator Julianne Ortman (R-Chanhassen), Chair of the Senate Tax Committee and chief author of the bill.
Senator Ortman added: “The Senate also acted today to fulfill our commitment to pay back state corporate franchise and sales tax refunds to Minnesota businesses that previously have been delayed.”
Some notable federal changes that Minnesota will conform to for tax year 2010 include an extension of the higher education tuition deduction, an extension of the educator classroom expense deduction and an extension of the enhanced deduction of charitable donations of computers. The bill also extends some provisions relating to business depreciation and expensing.
“The Minnesota Senate continues to demonstrate that we are getting our work done in an orderly fashion,” said Senate Majority Leader Amy Koch (R-Buffalo). “Tax conformity bills may not grab front-page headlines, but they are critical in order to meet changes in federal law.”
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