The Minnesota’s Legislatures’ DFL controlled House of Representatives have put forward their plan with how to deal with the state’s nearly $9.3 billion dollar surplus.
The proposal comes as DFL and GOP lawmakers are offering different outlooks on the state’s surplus, with Senate Republicans passing their tax cut measure last Thursday in a 42-24 vote.
A list of the items in the proposed bill are:
- Child care tax credit up to $3,000 per child, with a max of $7,500.
- Child tax credit rebate of $325 for kids under 17. Eligibility is capped at an income level of $70,000 for single Minnesotans and $140,000 for married.
- An expansion of the state’s renter’s credit and homestead credit refund.
- A permanent limit for prescriptions such as insulin, EpiPens and inhalers.
- An increase of the student loan credit to $1,400.
The DFL sheet states that, in total, a family of 3 with an income of $100,000 could result in $6,275 in savings.
A provision left out of the house bill is Gov. Tim Walz’s direct payments to Minnesotans.
Lawmakers in the house will take up the bill when they return from break.