Walz, Legislators Announce Framework Agreement for Additional Spending, Including $4 Billion Tax Bill – WCCO
ST. Paul, Minn. (WCCO) Governor Tim Walz and legislative leaders on Monday announced a framework agreement on an additional budget to spend the state’s surplus.
The bipartisan agreement includes $1 billion for education, another $1 billion for health and human services, and $450 million for public safety. It also includes $1.5 billion in “additional investments” and $1.4 billion in “capital investment projects.”
“This is a really good deal. It’s a responsible deal, a compromise deal. It’s good for Minnesotans. As you’re hearing here, what you’re going to get out of this is you’re going to get a bailout, you’re going to get a tax break, you’re getting a bipartisan commitment to public safety,’ Walz said. “The parameters were set and they were done in a way that, again, I think would make Minnesotans proud.”
A $4 billion tax bill is included in the deal, and $4 billion is set aside to “help the state manage future economic uncertainty.”
NEWS from St. Paul. “Big Three” (like @CallaghanPeter like to say) there is a framework for an agreement for this #mnleg additional budget session.
Leaders and Governor Tim Walz say that includes a $4 billion tax bill over the next few years. pic.twitter.com/yn85SbjA15
– Caroline Cummings (@CaroRCummings) May 16, 2022
“In addition to the payback, this bipartisan agreement provides targeted investments in public safety, education, nursing homes and core infrastructure projects,” said Majority Leader. Senate Jeremy Miller said. “But there is no final decision on anything really at this point. If not, we’ll finish the bills and on the governor’s desk. “
The details of the plan “will be finalized in the coming days,” Walz’s office said.
House Speaker Melissa Hortman said: “We have reached a bipartisan agreement on a budget framework that invests strongly in the economic security of families, education, health care and public safety to address the issue. address the challenges facing Minnesotans. “This is a positive step forward, but there is a lot more work ahead of us in the final week of the legislative session.”
Last month, legislators reached an important bipartisan agreement on bonuses for frontline workers and unemployment trusts. Following that deal, $6 billion of the state’s record $9.2 billion surplus will continue. Lawmakers passed a two-year budget last year.
In a divided legislature, Republicans and Democrats started off session separately and in the end, they needed to bridge the gap and find an agreement to get anything done. Agreeing to a budget framework like this is an important step in that process.
This week, lawmakers will meet in special committees focusing on specific policy areas to try to work out the details.
The 2022 legislative session ends on May 23. Walz has said that he will not call a special session.
This deal is for an extra budget, which means it’s all just extra. The government kept the state budget unchanged for two years that was set up last year.