Mar 12, 2012 at 12:11 pm
ST. PAUL, Minn. (AP) - Gov. Mark Dayton says he'll try to pare back an overseas corporate tax break to finance a tax credit he wants for Minnesota companies that hire veterans, students or the currently unemployed.
The tax break-for-tax break swap is the cornerstone of a supplemental budget he released Monday. It contains roughly $60 million in changes to a multibillion-dollar budget. Other features include reversing some health program cuts made a year ago.
SUPPLEMENTAL BUDGET PROPOSAL: Read Gov. Dayton's revised proposal for the current two-year state budget
Lawmakers set the state's two-year budget last year and technically don't have to adjust it.
Dayton's proposal hinges on the reduction of a tax preference for Minnesota businesses with overseas operations or subsidiaries. The change would generate $40 million if enacted this year.
Republicans have long resisted the corporate tax change, arguing it would be a hardship on businesses.
Temp: 25°F (-4°C)
Wind: Calm N