The Minnesota Senate has approved a tax relief package in responding to the coronavirus pandemic. The measure passed on a 40 to 27 vote and it expands a number of tax credits. State Farm Bureau Public Policy Director Amber Hanson Glaeser says the legislation has several components beneficial for agriculture and small business, mainly the Section 179 conformity.
She says the Senate bill has provisions in it to keep those who get federal paycheck protection funds from having them taxed at the state level and also removes other tax penalties.
Glaeser says the House is working on their own tax relief bill and she’s hopeful they’ll get that melded with the Senate version and get a bill passed prior to the legislature adjourning.
Senate Majority Leader Paul Gazelka says their measure is a smart and slimmed down bill that will help small business owners by buying them another 60 days in not having to pay taxes. He says that could be the difference between them surviving or not.
