The tax bill approved by the Minnesota House on Tuesday would:
• Freeze the statewide property tax levy for businesses and seasonal recreational properties.
• Give property tax relief for homeowners faced with large tax increases.
• Increase the "angel investment" tax credit and promote its use in rural Minnesota.
• Create an upfront sales tax exemption on purchases of capital equipment by small businesses; extended to all businesses after three years.
• Extend the tax increment financing district north of the Mall of America in Bloomington.
• Offer an income tax credit to businesses that hire veterans.
Cost: $48 million reduction to general fund in 2012-13; $145 million in 2014-15.
JIM RAGSDALE