The wheels are turning swiftly in Minnesota's legislature to put more money in the pockets of families in need. Senator Ann Rest (DFL-New Hope), chair of the Senate Taxes Committee, announced the Senate passed a bill aiming to accelerate the dispersion of Child Tax Credit (CTC) benefits for Minnesotan families, in a notable push to ease financial burdens sooner rather than later. Eligible families will now receive relief throughout the year instead of the prolonged wait until tax filing season.
According to a release by the Senate DFL, in 2023 the legislature rolled out a new $1,750-per-child CTC which is poised to slice child poverty by one-third across the state. Already, over $510 million in CTC benefits have been dispensed to families, lifting about 411,000 children, who once were veiled in the shadow of poverty, into a brighter economic reality, with families receiving nearly $2,500 on average this tax season. As Senator Rest stated, "Because of the tax legislation the Legislature enacted last year, Minnesota families have already claimed more than half a billion dollars in CTC benefits, pulling hundreds of thousands of children out of poverty. That is fantastic for families across the state."
The legislation doesn't just stop at accelerating tax benefits for families. It includes a slice of fiscal relief for communities statewide—a $33 million tax exemption on construction materials for public venues such as schools, city halls, and arenas. This provision extends its reach to 32 communities, placing the state of Minnesota at the helm of pioneering economic reform.
The Senate's bill is now en route to a House-Senate conference committee, details emanated from a Senate DFL announcement, where legislators will hash out the particulars of a final bill. The conferencing process, where representatives from each legislative body sit down, represents a bipartisan effort to construct a law that resonates with the needs of Minnesota's diverse populace. With Rest at the forefront of these discussions, the committee is poised to continue this trend of transformational policy aimed squarely at bettering the lives of Minnesotan families and their communities.
