Walz proposes tax credit checks for 2.5M Minnesota families
ST. PAUL, Minn. (AP) – Millions of Minnesota families would get checks totaling up to $2,600 back from the state’s huge surplus under a budget plan by Gov. Tim Walz.
The direct payments are the centerpiece of an overall $65 billion budget he unveiled to reporters Tuesday.
The payments would be structured as tax credits equal to $2,000 for families with incomes below $150,000, and $1,000 for single filers making less than $75,000.
The Walz administration says more than 2.5 million Minnesotans would get the checks if lawmakers approve the plan.
The governor’s budget also includes lower taxes on Social Security income for more than 350,000 households, but not a complete elimination of the tax as Republicans and some Democratic lawmakers have proposed.
The governor’s budget proposal sets the stage for the main work of the 2023 legislative session. But his fellow Democrats, who now control both chambers, will have their own ideas about spending and tax priorities, and the final budget will be the product of committee hearings, floor debates and private negotiations over the next few months.