Repeal of two taxes will benefit Minnesota economy
From the 2013-2014 Session
Won Gift Tax Repeal
NFIB successfully pushed for the retroactive repeal of the 10 percent Minnesota gift tax. No taxpayer had to make any payments under the law.
Obtained Key Sales Tax Repeal
NFIB helped win repeal of the new 6.875 percent sales tax on the repair of business equipment, farm equipment, and warehousing services. The repeal went into effect April 1, 2014.
Helped Boost Estate Tax Exemption
NFIB lobbied for, and was successful in, increasing the general estate tax exemption from $1 million to $2 million. The increased exemption will be phased in and reach $2 million in 2018. The exemption for married couples can be doubled to $4 million.