Ann Rest — Ann Rest is noted as present during roll call.
Ann Rest — Senator Ann Rest is called during roll call voting and records an aye vote on the motion.
Cal Bahr — Cal Bahr is noted as present during roll call.
Cal Bahr — The speaker says the resolution will also be given to Representative Bahr.
Greg Davids — Greg Davids is noted as present during roll call.
Greg Davids — Greg/Representative Davids is repeatedly named during consecutive roll call vote sequences and is recorded as voting aye on the motion.
Steve Drazkowski — Steve Drazkowski is noted as present during roll call.
Steve Drazkowski — Asks whether the commission has before-and-after TCJA participant counts for the program.
Steve Drazkowski — Senator Drazkowski questions the purpose and effectiveness of the first-time home buyer account tax program, asking whether the account exists mainly to satisfy program requirements and suggesting that the program may not meaningfully change housing decisions or behavior. He frames the discussion as evidence of how little tax expenditure programs may influence people’s choices, noting the limited participation relative to the broader population of homeowners and first-time home buyers.
Steve Drazkowski — His name is called during the roll call vote and he responds 'Aye.'
Steve Drazkowski — His name is included in the roll call vote sequence.
Steve Drazkowski — His name is called during the second roll call vote.
Steve Elkins — Steve Elkins is noted as present during roll call.
Steve Elkins — Steve/Representative Elkins is repeatedly called during roll call votes and is ultimately recorded as voting aye on the motion.
Jim Joy — Jim Joy is noted as present during roll call.
Matt Klein — Matt Klein is noted as present during roll call.
Matt Klein — Senator Matt Klein is repeatedly called during the roll call voting process, with his name appearing in multiple successive vote entries as the clerk records the vote sequence.
Mark Wiens — Likely a mis-transcription of a member name; the transcript says 'markwort' and 'Weber' in the same roll-call sequence, suggesting a present member, but the exact identity is uncertain.
Bill Weber — Bill Weber is noted as present during roll call.
Bill Weber — Senator Weber is repeatedly addressed in a continuous discussion about the next/2021 budget year and the $750,000 limit, including whether there was any discussion about keeping that limit in place.
Bill Weber — Senator Weber argues that the deduction under discussion is too small to significantly influence home-buying behavior or drive up housing prices. He uses simple math examples to show that the benefit is modest, says it is unlikely to materially change purchasing decisions, and notes that housing costs and market conditions vary substantially by region across the state.
Bill Weber — The speaker asks Senator Weber to look at making an amendment to the objective and to consider the proposed amendment as the meeting moves on.
Bill Weber — Senator Weber asks whether Minnesota applies the same gift-tax annual exclusion as the federal government, and the discussion continues with a response noting that the witness had not looked up the gift tax before the hearing.
Bill Weber — Addressed directly in response to the question about whether a subsidiary of a multinational could qualify.
Bill Weber — Senator Weber voted aye on the motion.
a realtor member of the Rotary Club — A realtor who works specifically with first-time home buyers is mentioned as an example of the program's impact.
Mr. Whaka / Carlos WKA — The witness is welcomed to the commission and identifies himself as Carlos WKA, presenting on the three tax expenditures.
Glenn Gruenhagen — Senator Weber is referenced in an ongoing discussion about mortgage interest deduction and property tax policy, including whether the mortgage interest deduction limit should have been restored to $1 million and the broader purpose of those tax policies.
Eric Wette — Department of Revenue witness explaining that the federal limitation is part of the Tax Cuts and Jobs Act and is scheduled to return to prior law in 2026.
Eric Wette — Eric Wette of the Department of Revenue explains the tax treatment of contributions to the account. He distinguishes between a parent transferring money to a child, which would generally be treated as a gift and may be a separate taxable gift transaction depending on the amount and circumstances, and the child’s own deposit into the account. He also clarifies that the account’s savings interest is a subtraction from AGI and that earnings are not taxed when used for approved purposes such as buying or building a house.
Aisha Gomez — Representative Gomez was noted as having joined the meeting.
Aisha Gomez — The chair said Representative Gomez would be called on next.
Aisha Gomez — Referenced as having already covered most of the point being made.
Aisha Gomez — Raises concern that the deduction may disproportionately benefit higher-income taxpayers and asks whether that is the intended use of the tax expenditure.
Aisha Gomez — Questions whether the tax expenditure is effectively targeted and whether it is worth the forgone revenue.
Aisha Gomez — The chair thanks Representative Gomez before recognizing the next member.
Unidentified witness — Explained that literature suggests home prices may reflect the deduction, potentially inflating prices and encouraging larger homes, especially among higher-income earners.
Mr. Wette — Responds to questions about the purpose of the account and its restrictions.
Mr. Wette — Explains that the account is restricted, exists to maintain tax deferral, and has clawback and repayment provisions if funds are used for another purpose.
Mr. Wette — Is being questioned about state gift-tax rules and the annual exclusion amount.
Carlos WKA — Introduces himself for the record and begins the presentation on the angel investment credit.
Jeremy Miller — Referenced as having responded about the size limitation of the firm eligible for the credit.
Jeremy Miller — The small-business definition was addressed in response to Senator Weber's concern about subsidiaries of larger companies.
Jeremy Miller — Referenced again as having raised the size-limitation issue.
Jeremy Miller — Referenced as having responded about the size limitation of the firm eligible for the credit.
Jeremy Miller — Referenced as having raised the size limitation issue.
Jeremy Miller — Asked whether he would offer an amendment to the mortgage interest objective language.
Jeremy Miller — Asked whether he would offer an amendment to the mortgage interest objective language.
Jamie Long — A question is directed to Representative Joy about the annual report and whether it comes from DEED.
Jamie Long — Representative Joy is repeatedly called during the roll call voting process and ultimately votes aye on the motion.