KIMT News 3 — Leaders in Minnesota are learning that they will have more money than expected to work with in the coming years.
Minnesota was expecting a budget surplus for 2014 and 2015 but Friday they learned that it was $1.2 billion, more than $400 million higher than December’s projection.
While they say it is good news all around, some leaders are ready to move forward with tax cuts while others are looking to increased spending.
“We need to repeal those taxes that hurt Minnesota families and are harmful to Minnesota’s business climate,” said State Sen. Carla Nelson, R-Rochester.
“Getting rid of the marriage penalty, allowing student loan interest tax deductions, educator expense deductions and deductions for the employee assistance in adoptions,” Nelson said.
The House could vote as soon as Thursday on a tax-cut plan of more than $500 million. It would give income tax filers more deductions and exemptions and give businesses a break from new taxes from last year.