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(KNSI) — The Minnesota Legislature worked through the weekend, passing several bills, including the omnibus tax bill, which will make up for a $3 billion reduction in revenue.

It passed both chambers after vigorous debate over the weekend. The bill eliminated the worldwide reporting requirement, which would have forced businesses with foreign subsidiaries to report their income from outside the U.S. That was dropped in favor of global intangible low taxes income, or GILTI. According to the Tax Policy Center, GILTI is “the income earned by foreign affiliates of U.S. companies from intangible assets such as patents, trademarks, and copyrights.”

It phases out the standard and itemized deductions from those earning an adjusted gross income of over $300,000, creates a new tax on investment incomes, trusts and estates and changes how dividends are deducted from domestic subsidiaries.

All told, the increases add up to more than $1 billion.

The bill gives a one-time rebate check to qualified married filers of $520. Single qualified filers would get $260. Families meeting income guidelines would also get an additional $260 per child for up to three kids for a grand total of up to $1,300 per household.

It also secures tax exemptions on Social Security benefits for 75% of Minnesota recipients. Lawmakers on both sides of the aisle had called for a complete elimination of the tax, but top Democrats said no because it allows higher earning Minnesotans to avoid paying taxes.

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