Small business urges Governor Dayton to embrace tax conformity and improve our uncompetitive tax structure
FOR IMMEDIATE RELEASE
Contact: Mike Hickey, Minnesota State Director, [email protected]
or Tony Malandra, Senior Media Manager, [email protected]
ST. PAUL, Minn., March 14, 2018—The following comment was issued by Mike Hickey, Minnesota state director for the National Federation of Independent Business, on Gov. Mark Dayton’s State-of-the-State Address delivered to the Legislature late this afternoon.
“With the passage of the historic federal tax overhaul, Minnesota has a unique opportunity to conform in a significant way to the new federal tax code and to improve our very uncompetitive tax structure. Recent data from the federal Bureau of Labor Statistics show Minnesota lagging far below the national average in both job growth and also growth of personal income. These disappointing results track clearly with the large tax increase that was enacted in Minnesota back in 2013 and established our very high, top rate of 9.85 percent, which is one of the highest in the nation.
“Provisions in the new federal tax law, such as the 20 percent income tax deduction and a big increase in Section 179 expensing that Minnesota could conform or partially conformed to, would be of tremendous benefit to small business job creators who create most of the new jobs in our state. Another option would be to reduce our uncompetitive income tax rates across the board to balance off projected tax increases that significant conformity may bring. We strongly urge Governor Dayton to keep an open mind on making significant changes to Minnesota’s uncompetitive tax structure this year as Minnesota deals with the tax conformity issue.”
Follow NFIB Minnesota on Twitter @NFIB_MN and on its webpage, www.nfib.com/minnesota.
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NFIB is the nation’s leading small business association, with offices in Washington, D.C. and all 50 state capitals. Founded in 1943 as a nonprofit, nonpartisan organization, NFIB gives small and independent business owners a voice in shaping the public policy issues that affect their business. NFIB’s powerful network of grassroots activists sends their views directly to state and federal lawmakers through our unique member-only ballot, thus playing a critical role in supporting America’s free enterprise system. NFIB’s mission is to promote and protect the right of our members to own, operate and grow their businesses. More information is available online at www.NFIB.com/news.
National Federation of Independent Business/Minnesota
380 Jackson St.
Suite 780
St. Paul, MN 55101
651-293-1283
www.nfib.com/minnesota
Twitter: @NFIB_MN
