To make sure you receive future emails,
please add news@larkinhoffman.com to your address book or safe list.

CapWatchHeader

October 16, 2020

$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.