House DFL releases budget targets

House Democrats released their tax and spending priorities Friday for the 2014 legislative session.

Most of the spending is going for tax cuts - $550 million. They would also spend $172 million for capital investment and economic development initiatives, $92 million for k-12 schools, $75 million for home health care workers who provide care for elderly and disabled people, and $50 million for transportation funding.

The House is also planning debt service for an $850 million bonding bill for public works projects. The plan would also spend an additional $125 million for other public works investments.

Gov. Mark Dayton and DFL legislative leaders can cut taxes and spend more because the February forecast showed the state with a $1.2 billion budget surplus.

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The House has already passed a bill that cuts tax by $503 million businesses and individuals.

Dayton wants $616 million in tax cuts. He also suggested $162 million in spending that he was willing to accept.

Senate tax committee chair Rod Skoe said he plans to release his tax bill next week with the goal of passing the measure off of the Senate floor on Friday. Senate Democrats are also pushing a bill that would put more money in the state’s budget reserve. They have not yet released their budget targets.

Here’s the full release from House Democrats.