2021 Key Issues: Tax competitiveness
Ensuring Minnesota's tax climate supports long-term success.
The COVID-19 pandemic has impacted businesses in every corner of Minnesota, from decreased demand for products and services, to break-downs in supply chains, to some closing their doors forever. Reopening the economy and managing the ongoing economic fallout is a top business community concern, according to a recent survey. Lawmakers must focus on steps to avoid additional restrictions on businesses and not raise costs or burdens on businesses already struggling to survive.
The Chamber's Beth Kadoun advocates for a tax extension for Minnesota businesses during the 2020 legislative session.
The Chamber’s priorities for the 2021 session include:
- Resolve the budget deficit through outcome-driven and fiscally sustainable spending and tax reforms.
- Conform with federal tax laws to prevent 100,000 Minnesota businesses that have accepted Paycheck Protection Program funds from paying additional taxes.
- Allow companies that pay business taxes through their personal income (pass-throughs) to pay at the entity level.
- Oppose tax increases that will undermine Minnesota’s competitiveness and hinder economic recovery.
- Help hard-hit industries by conforming with the interest expensing cap increase.
- Enhance the research and development tax credit and fund angel investment tax credits.
Our work gets results
- Passed section 179 tax relief to help small businesses and farmers.
- Saved $1,580 in business property taxes per million dollar property.
- Prevented $13,000 in tax increases per business in Minnesota.
- Prevented a .6% payroll tax increase on employers.
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