Gov. Walz unveiled the final part of his four-part budget plan for the 2023-2024 biennium on Jan. 24. The total budget expenditure sits at $65.2 billion, with an additional $8 billion in tax cuts. Most of the record-shattering $17.6 billion budget surplus will be spent with these budget proposals, but the recommendations also include leaving $1.3 billion on the bottom line.
Details on each section of the four-part plan are outlined below. Links to further information can be found in the headline of each section.
Children, Families, and Schools:
- Child tax credit of $1,000 per child to families making less than $50,000
- Increasing the general education formula by 4 percent in 2024 and 2 percent in 2025
- Reduce the special education cross subsidy by 50 percent
- Free school meals for all Minnesota students
Economy and Workforce:
- Establish a paid family and medical leave program at a cost of $4.1 billion
- $500 million in tax credits to investments in companies with founders who are women, veterans, people of color, or headquartered in greater Minnesota
- Broadband for all homes and businesses by 2026
Health, Housing, and Public Safety:
- $1.5 billion for affordable housing, $100 million to rehabilitate existing affordable housing
- $300 million for public safety funding for to city, county and tribal governments to determine how to use
- $17 million for a MinnesotaCare public health care option
Tax Cuts, Tax Hikes, Walz Checks:
- $4 billion for direct, non-taxable checks of $1,000 to Minnesotans making less than $75,000; $2,000 for families earning less than $150,000
- $219 million to reduce Social Security benefit taxes
- 1.5 percent surcharge on capital gains of individuals, trusts and estates valued at $500,000-$1 million
- 4 percent surcharge on capital gains of individuals, trusts and estates valued over $1 million
|
|
|
