ST. PAUL — The final rush is on to deliver an election-year tax cut.

The Minnesota Senate was primed to vote as soon as Thursday afternoon on a $434 million tax relief plan that also puts $150 million into a state budget reserve. By day’s end, the House could face a decision on whether to accept it or demand additional talks.

Gov. Mark Dayton’s administration said it wants a tax package soon because some new deductions and credits could be available to people filing tax returns now. An administration estimate is that 300,000 or more people could qualify for at least one new exemption.

The bill would consume almost half of the state’s projected $1.2 billion surplus.