New tax bill addresses inadvertent reduction in individual tax deduction
(FILE) Democratic Minnesota Gov. Tim Walz signs a bill into law at the St. Paul Labor Center on Tuesday, Feb. 7, 2023, in St. Paul, Minn. (AP Photo/Steve Karnowski)
(ABC 6 News) – Governor Tim Walz signed a bill on Monday that could save you thousands of dollars.
At issue is a fix that needed to be made into a tax bill, signed into law in 2023.
The standard tax individual tax deduction was accidentally reduced when lawmakers failed to adjust for inflation.
The fix, which is now law, could save a married couple about $3,400