Minnesota Tax Officials To Work On Fix After ‘Drafting Error’

Minnesota Tax Officials To Work On Fix After ‘Drafting Error’

Revenue Commissioner Paul Marquart, along with tax committee chairs at the Capitol, said Friday they’ll work to fix an error in a $3 billion tax law approved in May.

A drafting error resulted in outdated standard deduction rates making it into the law for the 2024 tax year. That means that married joint filers would see a deduction of $24,400 rather than the $27,650 rate adjusted for inflation. For single filers, it would be a $12,200 deduction instead of $13,825.

Marquart said that officials didn’t notice the mistake when they were putting together the massive tax package and only recently noticed the 2019 deduction rates had been included, rather than the updated ones.

MinnPost first reported the mix-up and noted that it could cost income taxpayers $352 million a year if it’s not corrected. The commissioner, Senate Tax Committee Chair Ann Rest, DFL-New Hope, and House Tax Committee Chair Aisha Gomez, DFL-Minneapolis, said in a news release they would write a correction.

SOURCE: MPR news