A Measured Approach to Income Tax Relief in Minnesota

The tax reform debate is heating up in Minnesota. Governor Mark Dayton (DFL) released his proposal several weeks ago, but Republicans have criticized the plan. Criticism picked up particularly after the Department of Revenue released an incidence report that shows the governor’s tax proposal combined with his proposal to extend the MinnesotaCare 2 percent provider tax would raise the tax burden on all Minnesotans.  Though Republicans haven’t released comprehensive tax reform legislation this session, Senator Roger Chamberlain (R), chair of the Taxes Committee, has introduced SF 4010, which would eventually reduce the corporate income tax rate and individual income tax rates by 1 percent. Minnesota currently levies the fourth highest top individual income tax rate at 9.85 percent, and the third highest corporate income tax rate at 9.8 percent. Senator Chamberlain’s bill uses tax triggers to gradually reduce the rates. SF 4010 specifies that if revenues…

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