ST. PAUL  — Hundreds of thousands of Minnesota residents will see their state tax burdens drop thanks to a bill that won final backing Friday from the Legislature and Gov. Mark Dayton.

By lopsided margins, the House and Senate approved the $434 million relief package containing extra deductions and exemptions that can be claimed on this year’s tax forms and many more that can be accessed next year. The bill also repeals three controversial business sales taxes beginning in April. And it raises the balance of the state’s reserves by $150 million.

Calling it a “monumental victory,” Dayton and legislative leaders hailed it an hour before the final House vote. The Democratic governor soon signed it.

“I’m not aware of a time when a major tax bill has passed this quickly,” Dayton said. After the bill signing, he said in a statement the tax cuts will put “more money in the pockets of Minnesota families and businesses” and “make taxes simpler for Minnesotans.”

It lines Minnesota’s tax code up with more deductions available to federal filers, which will reduce state tax burdens for qualifying residents.