Minnesota Governor Tim Walz’s first budget calls for a simplified tax code for farmers that will conform to the Section 179 expensing in federal law. The proposal also cuts taxes by $220 million for state farmers and small businesses. Walz is also seeking a 20 cent gas tax increase to fund road and bridges. A border-to-border broadband program is also included in the Walz proposal. With today’s announcement and next week’s economic forecast for the state, the Legislature will begin working on budget bills for the biennium.
Subscribe to RRFN
Get a weekly digest from RRFN to stay up-to-date on all the latest news in agriculture.