Senate Tax Committee Chair Carla Nelson (R-Rochester) released the following statement after House Democrats released a tax bill that raises more than $1 billion in taxes, adds a fifth tier to income taxes, and does not fully conform with Paycheck Protection Program loans (PPP). The Senate passed PPP conformity but the measure has stalled in the House.
“Tax policy must empower Minnesotans and encourage economic growth. Unfortunately, a billion dollars in tax increases as House Democrats proposed today will hurt employees, employers, and hinder our economic recovery. Tax hikes are not the right direction for Minnesota, particularly at a time of economic distress not seen since the Great Depression and with billions in federal funding headed to our state government. We need to look at adopting full PPP conformity for every business in the state, and letting individuals keep more of their hard-earned dollars as the key to recovering the economy.”