On Saturday lawmakers announced a bipartisan agreement on a package of tax legislation. The agreement includes income tax cuts, increases to local government aid, and significant property tax cuts. Significantly, the package includes a bill authored by Rep. Dave Lislegard (DFL – Aurora) and Sen. Tom Bakk (I – Cook) to fully exempt Social Security payments from income taxes. During the press conference, Rep. Paul Marquart (DFL – Dilworth), chair of the House Taxes Committee, applauded Rep. Lislegard and Sen. Bakk for their work on the legislation.
“Exempting Social Security from state income taxes was one of my top priorities this session, and I’m pleased we’re on the verge of delivering this important economic security measure for Minnesota seniors,” said Rep. Lislegard, who serves on a joint House/Senate conference committee charged with reaching a bipartisan agreement on tax legislation. “Thank you to Chair Marquart for the hearing in the House Taxes Committee earlier this year which I truly believe created new momentum for the bill. I also want to thank Senator Tom Bakk for his leadership and partnership on this bipartisan effort. I’m truly honored to have played a role bringing this compromise together and getting the measure to the finish line.”
“I have been hearing from constituents for years how important it is we exempt Social Security income from taxation,” Sen. Bakk said. “Our seniors have been fleeing our state in droves in part due to high taxation on their Social Security. I am grateful our provision to help seniors and their families is included alongside other meaningful tax relief for hard-working Minnesotans.”
The Tax Conference Committee is expected to finalize the legislation later today. Lawmakers must pass all bills by 11:59 p.m. Sunday night.