At today's legislative update given by the Minnesota Chamber of Commerce, a couple key points were given:
a) State legislators will decide if they will reapply for the federal 'Race to the Top' grant by April 15th.
b) Expect work to start on a tax omnibus bill the week of April 19th. They don't anticipate major tax increases.
The deficit breaks down like this:
$994 M shortfall
-$312 M in cuts
-$147 M savings from new GMAC agreement
-$408M from Federal Government (possible, but not a sure deal)
This leaves $127M to be cut by the end of the session. If the federal dollars don't come through, the gap is $535M. These numbers aren't as bad as they could've been and should be solved without increasing the tax burden.
2 comments:
My question is how is the last decision about it? Can all be solved without increasing tax burden? I hope all that was done will give much benefit and desired result.
Is the law related to the tax? Does it benefit with the changes? Can someone share the information, please.
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