A delay was caused by the late submission of a series of negotiating requests from Gov. Mark Dayton, who sought the inclusion of several provisions that had not yet been funded in the bill.
The House passed a tax bill that includes just over $2 billion in tax increases by a 69-65 vote early Monday morning. The legislation now heads to the Senate and is the lynchpin of the budget deal needed to conclude the legislative session.
Gov. Mark Dayton and DFL legislative leaders have agreed to create a fourth tier income tax rate for households that make upwards of $250,000 in taxable income and individual filers with incomes above $150,000 -- or roughly 2 percent of Minnesota filers. That agreement is part of a broad budget framework that DFL leaders announced on Sunday.
The Democratic governor revised his budget plan for the 2014-2015 biennium after the February forecast cut the projected deficit from $1.1 billion to $627 million. Dayton said last week that he would eliminate a proposal to lower the sales tax rate and broaden the base to include some clothing and business-to-business services after an outcry from business groups.
Minnesota Department of Management and Budget officials today reported the state faces a $1.1 billion general fund shortfall for the upcoming 2014-2015 budget period. The amount of the deficit remains unchanged from the last economic forecast released in February.
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