Backtracking on what he already signed into law a big disappointment
FOR IMMEDIATE RELEASE
Contact: Mike Hickey, Minnesota State Director, [email protected]
ST. PAUL, Minn., April 18, 2018—Mike Hickey, Minnesota state director for the National Federation of Independent Business, released the following statement, today, on Gov. Mark Dayton’s tax plan. Hickey testified yesterday and will again tomorrow on the bill.
“The governor’s tax plan does not do enough for small business in conforming to the new — positive — federal tax provisions that would be beneficial for growing our state’s economy. Additionally, the governor unnecessarily proposes backtracking on two positive provisions for business that he just signed into law in 2017, which is a big disappointment.
“These are not corrections, this is backtracking on something that’s already been thoroughly debated and negotiated and signed into the law.
“The governor’s proposal reinstates the annual inflator on the state general property tax that grows the burden on all businesses, every year, above and beyond the sting of all local property taxes that they must pay.
“He also proposes freezing the small amount of incremental progress last year’s legislation made on the estate tax exemption. The proposal freezes the exemption, $2.4 million, not allowing it to progress to $3 million. This is being done even though the federal government just dramatically increased its exemption to $11 million per person. Minnesota remains hopelessly out of conformity on this key exemption. These are unnecessary negatives that did not need to be revisited again this year and will not help negotiate a critical tax conformity proposal that the state needs.
“Small business does, however, appreciate and thank the governor for supporting and embracing full Section 179 expensing conformity in his proposal. His support for this key business deduction for so many small businesses and farmers is very encouraging and hopefully full conformity of Section 179 will be part of the final tax conformity package.”
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Celebrating its 75th anniversary, the National Federation of Independent Business is the Voice of Small Business, taking the message from Main Street to the halls of Congress and all 50 state legislatures. NFIB annually surveys its members on state and federal issues vital to their survival as America’s economic engine and biggest creator of jobs. NFIB’s educational mission is to remind policymakers that small businesses are not smaller versions of bigger businesses; they have very different challenges in remaining open.
National Federation of Independent Business/Minnesota
380 Jackson St.
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St. Paul, MN 55101
651-293-1283
www.nfib.com/minnesota
Twitter: @NFIB_MN
