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Gov. Tim Walz signs fix for $350 million error in last year's tax bill

Republicans are also pushing for a fix in the bill to help businesses

Minnesota lawmakers' first action of the 2024 session is a quick fix to a drafting error discovered in last year's tax bill that could have cost taxpayers $352 million over the next two years.

Gov. Tim Walz signed a tax correction bill on Monday, which fixed a few lines in the nearly 400-page bill related to the standard deduction amount. The bill also changes a definition to allow tribal nations in the state to apply for local housing aid and allows a local sales tax passed in Beltrami County last fall to go into effect.

In last year's $3 billion tax package, lawmakers inadvertently used the 2019 standard deduction amount for tax year 2024, but that number didn't include four years of adjustments to account for inflation. The mistake meant most married taxpayers would lose roughly $3,200 on their standard deduction, while single filers would lose $1,600.

https://www.startribune.com/gov-tim-walz-signs-fix-for-350-million-error-in-last-years-tax-bill/600346233/

 

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