Senate Taxes Committee approves amendment to blink off income tax hikes early if revenues recover

Moments ago, the Senate Taxes Committee passed an amendment from Majority Leader Larry Pogemiller (DFL-Minneapolis) to modify the temporary income tax increases in the chamber’s omnibus tax bill.

The original omnibus proposal by chair Tom Bakk (DFL-Cook) [PIM item] would have imposed across-the-board income tax increases that sunset in 2014. Pogemiller’s amendment changes the sunset provision by causing the new rates to blink off, or to be reduced, in the event that any February revenue forecast prior to 2014 indicates that the state’s general fund will be balanced as of June 30 of that year.