This week at the Capitol the major focus was on a federal tax conformity bill which was heard in the Senate Tax Committee along with receiving final passage on the Senate Floor. This legislation aims to align Minnesota tax policy with that of the federal government.
Updating the state’s tax laws to the federal tax code is an important issue as Minnesota families across the state began filing their income tax returns. Timely resolution of tax conformity helps prevent the need for taxpayers to file amended returns. The tax conformity bill provided nearly $20 million in tax relief, and extended many provisions important to Minnesotans.