Tax Competitiveness

Tax Competitiveness

OUR GOALS
We support a pro-growth tax system that improves competitiveness, reduces complexity, improves predictability and stability, and increases accountability. Minnesota’s state and local tax systems should be changed to ensure they cultivate innovation, attract investment and foster job growth and retention.

2017 LEGISLATIVE RESULTS
We delivered biggest tax relief for all Minnesotans since 2001

  • Statewide property tax: $292 million in business tax relief over next three years by eliminating automatic annual inflator and exempting first $100,000 of property’s market value from state levy.
  • Research-and-development credit: Tax credit increased for second-tier percent from 2.5% to 4% (for R&D over $2 million) to encourage innovation and retaining important R&D jobs.
  • Estate tax: State threshold increased from $2 million to $3 million by 2020 which moves us closer to federal estate tax threshold of $5.49 million.
  • Residency factors: Individual’s use of Minnesota financial advisers, accountants, etc., no longer will be used to determine residency for tax purposes