To make sure you receive future emails,
please add news@larkinhoffman.com to your address book or safe list.
|
$1.87 Billion Bonding, Tax, and Supplemental Budget Bill Headed to Governor
Convening on Monday, October 12th, for a record fifth special session of the year, lawmakers passed a much-anticipated, record-setting bonding, tax, and budget bill that will invest $1.36 billion in borrowing for public works construction projects throughout the state. The bill also incorporates tax provisions – including conformity to Section 179 of the federal tax code which permits small businesses and farms to deduct the cost of certain equipment. Finally, the bill adds $31 million in general fund spending to aid in the state’s continued recovery from the COVID-19 pandemic.
The bill, H.F. 1, was authored by Representative Mary Murphy (DFL-Hermantown) and Senator David Senjem
(R-Rochester) and required a supermajority (three-fifths) vote in both the House and Senate to pass. In the end, the bill easily garnered the requisite votes, passing 100-34 in the House, and 64-3 in the Senate.
Although the vote totals showed broad bipartisan support, legislators expressed starkly different messages when debating the bill on the House and Senate floors. House and Senate Democrats urged members to support the bill that would provide a much-needed stimulus to the state’s economy during an economic downturn caused by the world-wide COVID-19 outbreak. Republicans tended to urge caution, pointing to the state’s projected budget deficit that lawmakers will be facing when they return to the Capitol in January 2021 to develop the state’s two-year budget.
Both the House and Senate adjourned the special session shortly after passing H.F. 1. It is expected the legislature will be back again in 30 days as Governor Tim Walz continues to renew his peacetime emergency powers to address the COVID-19 pandemic.
The bill is headed to the Governor who has stated he will sign it.
Find more information on the bill here.
Please reach out to any of the Larkin Hoffman Government Relations team members with any questions.
|
Subscribe
Our Team
Peter Coyle
952-896-3214
Email
Peder Larson
952-896-3257
Email
Margaret Vesel
952-896-3371
Email
Robert Long
952-896-3232
Email
Bill Griffith
952-896-3290
Email
Matthew Bergeron
952-896-3203
Email
Gerald Seck
952-896-3205
Email
Logan O'Grady
952-896-3385
Email
Grady Harn
952-896-3324
Email
Keep in Touch
Visit us on the Web
Follow us on Twitter
Follow us on LinkedIn
|
Larkin Hoffman provides counsel to a wide variety of organizations, from small businesses and nonprofits to Fortune 500 companies, in many areas of practice including corporate and governance matters, litigation, real estate, government relations, labor and employment, intellectual property, information technology, franchising and taxation. The firm also serves the needs of individuals in many areas including trusts and estates, personal injury and family law.
This newsletter is provided as a service to our clients and firm associates. While the information provided in this newsletter is believed to be accurate, it is general in nature and should not be construed as legal advice.
|
|