BUSINESSKSTP ABC MINNEAPOLIS
MN DEED holds paid leave wage tax steady, but financial reserves projected to drop
Minnesota’s paid leave wage tax will remain at 0.88% in 2027, avoiding a tax increase for businesses and workers. However, financial reserves for the program are projected to decline significantly, dropping from $685 million to $198.7 million by 2028 if the rate stays unchanged.
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Adjacent reporting
- Minnesota’s Paid Leave program is running short on funds — and your taxes could go up
- Minnesota’s Paid Family Leave program paying out nearly $600M. Is a wage tax funding enough to keep it going?
- Minnesota Paid Leave has paid out nearly double what workers, employers have paid in
- Minnesota’s Paid Leave program: 75,000 approved but some face delays
- Minnesota’s latest job numbers show more openings but lower pay, fewer people staying in the workforce
- State of Minnesota Paid Family and Medical Leave Program: 2026 Annual Actuarial Report