Senate Republicans passed a pro-growth tax bill on Monday that will provide over $900 million in relief to Minnesota taxpayers. The plan will especially benefit low- and middle-income Minnesota families, students, seniors, and those in Greater Minnesota. Relief for most Minnesotans will come in the form of a permanent cut to the lowest income tax bracket.

“This bill brings over $900 million in tax relief to hardworking Minnesota taxpayers who have not seen meaningful tax relief in nearly two decades,” said Sen. Jerry Relph (R-St. Cloud). “Our plan will put money back into the pockets of taxpayers.”

Most notably, as part of an effort to attract and retain a qualified workforce, students will see relief through a tax credit on student loan debt following graduation. As the lifeblood of the Minnesota economy, small businesses will see an exemption from the statewide business property tax, as well as other incentives including changes to the Section 179 depreciation schedule.

In addition, seniors will benefit from a phase-out of the tax on Social Security benefits, making Minnesota a more welcoming place for retirees. Farmers will be eligible for a property tax credit on agricultural land, as well as a change to the estate tax.

In total, 81% of Minnesota taxpayers, including 350,000 seniors and 2.3 million households, will see relief under the Senate Republican plan.

“It is critical that we advance policies that make Minnesota a welcoming place for all; that begins with a substantive tax relief package,” Sen. Relph continued. “Our focus is on advancing Minnesota’s economy to make certain our state is a place where everyone can thrive.

Sen. Relph is in his first term representing Senate District 14, which includes St. Cloud, Waite Park, St. Augusta, and other communities in Benton, Sherburne, and Stearns counties.