In today’s world of global competition and increased mobility, tax burdens and related costs affect the ability of Minnesota companies to create jobs and grow the state economy. Minnesota still ranks in the top five in personal income tax and corporate tax rates. The Legislature must ensure that our tax climate supports long-term success.
- Be selective and strategic on any increase in government spending, taking into account its long-term commitment.
- Use state revenue gains from federal tax reform to improve competitiveness and to offset tax increases from conformity.
- Reduce corporate and individual income tax rates and the statewide property tax levy.
- Provide relief for owners who report business income on personal income tax returns.
- Conform Minnesota’s estate tax to the federal threshold.
- Enhance the research-and-development tax credit.
- Protect against automatic tax inflators.
Link to policy papers: