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Governor Walz Releases 2022-23 Biennium Budget

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Minnesota Governor Tim Walz released a $52 billion budget proposal for the 2022-23 biennium. The proposal would raise taxes for corporations and the wealthy. It emphasizes small business support because of the coronavirus and provides an increase in the general fund for education. The Minnesota Agriculture Department’s budget proposal has a three-percent (about $4 million) increase from the previous biennium. Conservation efforts, trade, farmer stress efforts and more are included the budget proposal. Now, the Department will present the budget to state lawmakers. Read the proposal.

Senate Approves FY2020 Budget

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The Senate approved a fiscal year 2020 budget on Thursday, sending a $1.43 trillion spending bill to President Donald Trump and avoiding a government shutdown. The 2,300 page deal includes 13 appropriation bills.

Walz Releases Budget Proposal

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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 the announcement and next week’s economic forecast for the state, the Minnesota Legislature will begin working on budget bills for the biennium.

(Source: Red River Farm Network)