DFL’s Tax Loophole Expansion Act
The Legislature has sent Gov. Mark Dayton a bill that will allow about 250,000 Minnesota taxpayers to claim new federal tax deductions on their state releases as well.
You can’t call it a loophole for rich people or businesses and only a deduction for everyone else.
Among those eligible for deductions are teachers who can claim education expenses, homeowners who take itemized deductions for their mortgage insurance premiums, and college students or parents using higher education tuition deductions.
Dayton has said he would sign the bill.
I guess Democrats don’t hate loopholes, just who gets them. The problem is, this should have been passed right away this session. There are countless people who have already had their taxes done this year. Too little too late?