BusinessPostCorner.com
No Result
View All Result
Friday, May 16, 2025
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
BusinessPostCorner.com
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
No Result
View All Result
BusinessPostCorner.com
No Result
View All Result

Error that’d cost taxpayers $352M spotted in Minnesota tax cut bill

July 8, 2023
in Business
Reading Time: 1 min read
A A
0
Error that’d cost taxpayers 2M spotted in Minnesota tax cut bill
ShareShareShareShareShare

Minnesota officials discovered an error in a $3 billion tax cut bill lawmakers passed this spring that could cost taxpayers $352 million over the next two years, but state leaders promised to fix it before it would take effect.

The head of the Minnesota Revenue Department Paul Marquart told the Minneapolis Star Tribune on Friday that his staff caught the error when they were reviewing the nearly 400-page bill.

By mistake, lawmakers used the 2019 standard deduction for the 2024 tax year without including four years of adjustments for inflation. That means most taxpayers’ standard deduction would be $1,600 smaller.

Marquart said the error would cost single filers $110 and married couples $210 on their 2024 taxes. About 2.3 million returns would be affected if the law isn’t changed.

Republican State Rep. Greg Davids said mistakes sometimes happen when staffers are working overtime at the end of a session to finish everything. Sometimes, lawmakers can resolve a problem by sending a letter explaining their original intent, but he said this one is big enough that it will likely require a law change.

“Mistakes are made, but this is a doozy,” said Davids, who has led the legislature’s tax committee in the past. “That being said, it’s nothing we can’t fix if we work together as soon as we get back and just correct it. I would hope no one would be opposed to correcting it.”

Credit: Source link

ShareTweetSendPinShare
Previous Post

How To Overcome Employee Resistance To Returning To The Office

Next Post

More Time In School Isn’t Enough To Counter Pandemic Learning Loss

Next Post
More Time In School Isn’t Enough To Counter Pandemic Learning Loss

More Time In School Isn’t Enough To Counter Pandemic Learning Loss

Peterborough charity begins new wellbeing service in Welland

Peterborough charity begins new wellbeing service in Welland

May 14, 2025
UK economy is growing more than expected – how optimistic should you be?

UK economy is growing more than expected – how optimistic should you be?

May 15, 2025
The threat to kick China out of U.S. exchanges is growing, and Hong Kong stands to benefit

The threat to kick China out of U.S. exchanges is growing, and Hong Kong stands to benefit

May 10, 2025
Tariff-fuelled tumult could dent appeal of US assets, watchdog warns

Tariff-fuelled tumult could dent appeal of US assets, watchdog warns

May 11, 2025
South Korean Central Bank Wades into Presidential Candidates’ Stablecoin Row

South Korean Central Bank Wades into Presidential Candidates’ Stablecoin Row

May 12, 2025
Solana Price Prediction: Is 0 Next for SOL After Hitting 2-month High?

Solana Price Prediction: Is $200 Next for SOL After Hitting 2-month High?

May 11, 2025
BusinessPostCorner.com

BusinessPostCorner.com is an online news portal that aims to share the latest news about following topics: Accounting, Tax, Business, Finance, Crypto, Management, Human resources and Marketing. Feel free to get in touch with us!

Recent News

Chinese Firm DDC Enterprise Plans Strategic Bitcoin Reserve, Targets 5,000 BTC Accumulation

Chinese Firm DDC Enterprise Plans Strategic Bitcoin Reserve, Targets 5,000 BTC Accumulation

May 16, 2025
China’s Pop Mart-loving Gen Z fuels big gains for investors

China’s Pop Mart-loving Gen Z fuels big gains for investors

May 16, 2025

Our Newsletter!

Loading
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2023 businesspostcorner.com - All Rights Reserved!

No Result
View All Result
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources

© 2023 businesspostcorner.com - All Rights Reserved!