AS SENATE TAX BILL HEADS TOWARDS FLOOR VOTE, SMALL BUSINESS HOPEFUL
St. Paul (APRIL 3 2017): The National Federation of Independent Business (NFIB) is continuing to express its support of the omnibus tax bill set to be voted on in the Senate today.
“The Senate tax bill addresses several key issues for the small business community that would significantly improve the economic climate in our state. One of the most vital components is that if passed in its current form, Minnesota’s estate tax exemption will finally be conformed to the federal. This is not only important for the family held small businesses and farms that we represent but also for ensuring that Minnesota does not loose more of our beloved senior citizens,” said NFIB Minnesota State Director, Mike Hickey. “Additionally the bill will conform to federal law on another tax issue, section 179 expensing which is critical to allow our small businesses and farmers to deduct expensive equipment purchases.”
The Senate bill exempts the first $100,000 of value from the state general property tax which Hickey noted will be beneficial to small businesses with low property values and also repeals the inflator on the business property tax.
“Our members certainly appreciate the fact that as it stands, the bill removes the inflator on the state general property tax which has had a negative impact on small businesses in Minnesota. Overall, this legislation has the potential to dramatically improve our business climate as well as provide much-needed tax relief to farmers who have suffered through astronomically high property tax bills due to the financing of school referendums,” continued Hickey. “We look forward to continuing to give the bill strong support right up to the conference committee when the critical negotiations with Governor Dayton start.”