House omnibus tax bill to hit the floor this afternoon

Photo: The Friday scramble for the final version of the House omnibus tax bill (Source: MN House photo gallery)

The latest word is that the House omnibus tax bill (HF2323) should come to the floor around 3 this afternoon.

Here’s the 11-page fiscal workup on the final bill as passed by Ways and Means (PDF).

The revenue numbers for the 2010-11 biennium on its key provisions:

• $470 million from a new top income tax bracket of 9 percent on income over $300,000;
• $542 million from changes to income tax exemptions and credits, including $344 million in net revenue from eliminating uncapped mortgage interest deductions;
• $420 million from increased sin taxes, derived about equally from cigarette and alcohol levies.