Gov. Dayton signs $440 million tax relief bill, most Minnesotans will benefit

By KBJR News 1

March 21, 2014 Updated Mar 21, 2014 at 10:33 PM CDT

St. Paul, MN (NNCNOW.com) - Governor Mark Dayton signed the tax relief bill into law this evening.

About half of the tax relief will be accomplished by bringing Minnesota's tax deductions in line with those on the federal income tax return.

They include exemptions for college student loans, exemptions for tuition assistance from your employer, and adoption assistance from employers.

The marriage penalty fix is there too, but that one won't be applied to 2013 tax returns.

The other half of tax relief will come through repeals of unpopular business-to-business sales taxes passed last year.

"We should not be trying to figure out how we can accumulate more and more money into the state budget...but how we can do things that will stimulate the economy and allow people to work and support their families," said Sen. David Hann (R), minority leader.

State workers are updating the tax software for preparation and many of these breaks will be valid for tax returns this year.

If you have already filed your taxes and believe you may benefit from these cuts you may want to consider filing an amended return.

Jeremy Brickley