Monday, February 6, 2012

In the Realm of Dreams to good to be true

Major Tax Reform Bill Introduced in Minnesota
H.1908, introduced on January 24, provides for a complete overhaul of the Minnesota state tax system by eliminating personal and business income taxes, with revenues lost to be made up through broadening the base (and increasing the rate) for general sales and use taxes. More specifically the bill calls for "...expanding the base of the general sales and use tax in this state to all sales of taxable property and services, regardless of the location of the seller or method of transfer, and increasing the general sales and use tax rate to a rate necessary to replace the estimated revenues that, absent the prohibition, would have been collected in the first year of the prohibition. 'Taxable property and services' means any tangible property, digital goods, or service, including leaseholds of any term or rents with respect to the property, consumed or used in this state."

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