STATE TAX CODE CHANGE FOR THIS YEAR

The House Taxes Committee approved changes to the Minnesota tax code yesterday that would apply tax forms filed this year even though a third of Minnesotans have already filed their taxes. The bill would conform Minnesota's tax code to federal rules and allow state taxpayers to take advantage of recent laws passed by Congress. The Tax Committee's bill doesn't include all of the new federal deductions. The committee decided that deductions for college tuition and teacher classroom expenses would be too expensive for the state this year. Deadline for the bill is the end of the month. If its not passed and signed, taxpayers will have to wait for Federal tax conformity until next year.