Vote Smart's Synopsis:

Vote to pass a bill that reduces property taxes for homeowners, farmers, and businesses, and a slight increase in railroad property taxes.

Highlights:

• Establishes a $1,000 federal income tax subtraction for an individual who pays taxes, effective during taxable years after December 31, 2014 and before January 1, 2017 (Art. 1).
• Restructures tax credits allowed to an individual with children in school to include children in a “prekindergarten educational program” (Art. 1).
• Defines “prekindergarten educational program” as a program that includes, but is not limited to, the following criteria (Art 1):
• The program is established by a school district;
• The program is licensed by the Department of Human Services; or
• The program is affiliated with the American Montessori Society.
• Establishes a tax credit for students with loans that is equal to the lesser of the following amounts (Art. 1):
• The total loan payment minus 10 percent of adjusted gross income;
• The earned income of the student for the taxable year; and
• The sum of the interest paid on the loan and 10 percent of the original loan amount. 
• Establishes a federal income tax subtraction of at least $1,000 and up to $20,000 for an individual who receives compensation from the federal government for military service (Art. 1).
• Reduces funding to the city of Minneapolis by $5.86 million in 2016 (Art. 9).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that reduces property taxes for homeowners, farmers, and businesses, and a slight increase in railroad property taxes.

Highlights:

• Establishes a $1,000 federal income tax subtraction for an individual who pays taxes, effective during taxable years after December 31, 2014 and before January 1, 2017 (Art. 1).
• Restructures tax credits allowed to an individual with children in school to include children in a “prekindergarten educational program” (Art. 1).
• Defines “prekindergarten educational program” as a program that includes, but is not limited to, the following criteria (Art 1):
• The program is established by a school district;
• The program is licensed by the Department of Human Services; or
• The program is affiliated with the American Montessori Society.
• Establishes a tax credit for students with loans that is equal to the lesser of the following amounts (Art. 1):
• The total loan payment minus 10 percent of adjusted gross income;
• The earned income of the student for the taxable year; and
• The sum of the interest paid on the loan and 10 percent of the original loan amount. 
• Establishes a federal income tax subtraction of at least $1,000 and up to $20,000 for an individual who receives compensation from the federal government for military service (Art. 1).
• Reduces funding to the city of Minneapolis by $5.86 million in 2016 (Art. 9).

Full Bill Text