Good morning. The House passed the tax conference committee report on the floor yesterday. Included in the bill are several provisions directed toward tax relief and aid for Minnesota businesses; an upfront sales tax exemption on capital equipment purchases for small businesses; increasing the angel investment credit by $5 million, with emphasis on Greater Minnesota projects; increasing the research and development tax credit by 24 percent for Minnesota companies; providing for a veterans jobs tax credit; and phasing out the state property tax levy paid by business owners and recreational property owners. The bill is not a negotiated tax bill between the Legislature and governor that is part of an end-of-session global agreement.
Legislative leaders and the governor continue to meet in order to finalize an agreement and end the session. There was a new twist in negotiations yesterday when Republican leaders unveiled an alternative plan to fund a Vikings stadium. The new plan would include stadium funding in the bonding bill, calling for an open-air, “roof-ready” stadium. House Majority Leader Matt Dean, R-Dellwood, said this would eliminate concerns surrounding the stadium about expanding gambling to pay for it. Gov. Dayton and Democrats said the new plan could put the stadium bill in jeopardy and Dayton said he does not support it.
Neither the House nor Senate will meet in session today. The House meets next on Thursday at 12:00 p.m., and the Senate will meet Thursday at 3:00 p.m. We will continue to keep you updated.
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