Should a property tax rebate to renters be cut in an effort to end the statewide business tax?

In early Feburary a House committee passed a bill (House File 1914) that phased out the statewide property tax, which is levied on businesses in Minnesota. In order to make up for the tax revenue lost as a result, the bill reduced the amount of money the state spends on property tax refund, called the "Renters' Credit."

Advocates say the bill could save businesses hundreds of millions of dollars a year. Opponents argue this happens on the backs of low- to modest-income renters. (See a Star Tribune article on the bill.)

Do you think the statewide property tax needs to be eliminated? Why or why not? If elimated, how should the state re-balance the budget - cut spending, increase another tax, both?