High-Stakes Debate Coming to Minnesota Legislature After Federal Tax Changes

From the MINNEAPOLIS STAR TRIBUNE: ┬áLost in the debate over the vast overhaul of the federal tax code, some Minnesotans’ state taxes could rise sharply while others would fall depending how the Legislature responds this year. Minnesota is one of a few states that base state taxes on an income figure plucked from the federal filing called “federal taxable income.” If Minnesota adapts its own tax code to the new federal law, some families – like those with lots of children – could see higher state tax bills, while others with certain business income could get a break.