Facing a tight deadline, DFL House leaders are rushing ahead with a tax-relief proposal that could save Minnesotans $500 million over the next year.

Roughly 1 million Minnesota taxpayers will see a tax reduction, including 650,000 married filers whose taxes would go down an average of $120. The package includes tax relief for married couples, parents of adopted children and those who lost their home to foreclosure.

The proposal also includes the repeal of three new business sales taxes on warehousing services and telecommunications equipment and repair.

DFL House Speaker Paul Thissen said Thursday that the House could approve the entire package next week. The House Taxes Committee is expected to pass the measure Thursday, and likely with bipartisan support.

The Senate would then need to consider the proposal, which generally has strong support of DFL Gov. Mark Dayton.

Some legislators are racing to complete the tax measure as Tax Day looms and the much-criticized warehousing tax is set to kick in next month.

The proposal hinges on Friday's new economic forecast, which is expected to show a budget surplus of close to $1 billion.