A bill moving through the Minnesota Legislature could affect how lawmakers pledge to fix $352m mistake is handled in Macalester-Groveland.
Senate Tax Committee Lead Bill Weber and Sen.
Steve Drazkowski criticized the mistake, which they blamed on a “breakneck pace” of the session.
In 2019, lawmakers doubled the standard deduction and set the amount for a married joint filer at $24,400 and a single filer at $12,200.
The law directs the commissioner for each subsequent year to adjust those amounts for inflation.
After four years of inflation adjustments, the standard deduction for a married joint filer is $27,650 and $13,825 for a single filer.
Tax legislation signed into law in May mistakenly used the 2019 standard deduction amounts for the starting point in tax year 2024 instead of the inflation-adjusted amounts of $27,650/$13,825, eliminating four years of inflation adjustments, MinnPost first reported.
Without updating this provision, filers would see their taxable income increase when filing their 2024 taxes.
As the measure advances, residents of Macalester-Groveland can follow amendments and contact Erin Murphy regarding the final language.
Article Source: Alpha News: “Minnesota lawmakers pledge to fix $352M mistake”
