The Minnesota House of Representatives passed HF 2337, the Omnibus Tax Bill, yesterday on a vote of 73-57. News reports suggest the Republican majority is forwarding tax cuts for big business.
In fact, if the Governor signs the tax bill into law it would provide more transparency and more accountability to local governments by requiring publication of a complete list of revenues and expenditures by July 31st of every year. The bill includes a variety of “tax credits” and “grants.” The bill includes the Veteran’s Jobs Tax Credit requested by the Governor. The bill includes important sales and use tax changes for retailers and sales tax exemptions for capital expenditures, sales between a religious Order and an affiliated organization and nursing homes and boarding care homes.
The bill also includes property tax clarifications and allocations or appropriations for the a program to encourage businesses to hire interns and for the Minnesota Investment Fund.
Regardless of whether you are a fan of tax credits, government grants or you want a complete overhaul of our tax system as opposed to more incremental changes, this bill would appear to offer much more than the limited offering suggested by the mainstream media.