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Deal Preserves Commercial Property Tax Reform

ST. PAUL, MN-A compromise proposed by Gov. Jesse Ventura breaks a stalemate that could have shut down state government last weekend. Multifamily rental property owners get a 25% tax cut.

By Jim McCartney | Updated on June 24, 2001

ST. PAUL, MN-Finally, there is a break in the standstill over a budget deal at the Minnesota Legislature — a deadlock which could have shut state government down if it had persisted over the weekend. The deal, which was brokered by Gov. Jesse Ventura,enacts major commercial property tax reform and is expected to provide about $900 million in tax relief and $860 million in new spending.

The plan essentially splits the difference on many of the issues that have prompted the impasse at the state Capitol, resulting in the state Legislature adjourning a month agowithout a budget or spending plan.

“Our goal should be to achieve the boldest and most comprehensive tax relief and reform that this state has seen in 30 years,” Ventura said in announcing the compromise Friday. Ventura thinks the compromise still achieves that goal.

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