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State Legislature Finalizes New Tax Bill

Minnesota State Capitol
Flickr user TBoard

ST. PAUL (AP) – A conference committee has finalized a new tax policy bill with breaks for businesses, but less than they would have gotten in a tax bill vetoed by Gov. Mark Dayton last week.

The bill headed for a House floor vote Wednesday would cost the state about $46 million over the next year, but after that, only about half of what the vetoed bill would have cost. The bill would also draw less from the state’s budget reserves than the previous bill.

It includes a one-year property tax freeze for businesses and tax credits meant to encourage research and investment in start-up businesses. Some small businesses would get an upfront sales tax exemption for buying equipment but not as many as in the vetoed bill.

(Copyright 2012 by The Associated Press.  All Rights Reserved)

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