MN Legislature Approves Tax Relief for Small Businesses and Farmers

MN Legislature Approves Tax Relief for Small Businesses and Farmers

October 23, 2020 News -- KRJB-KRJM-KKCQ 0

By Mark Askelson markkrjb@loretel.net (10/23/20)

St. Paul, MN — Along with a nearly $2 billion dollar bonding bill, the Minnesota Legislature was also able to pass a tax relief bill during their special session last week. Included in that bill is a tax break that will specifically benefit farmers and small business owners by allowing them to increase the deduction on like-kind exchanges, or trade ins, according to Representative Paul Marquart.

Overall, the tax bill should allow for roughly $200 million is savings for farmers and small businesses.

There are five other tax provisions in the bill, including one that would allow the Minnesota State High School League to use some of the revenue it generates from sales at sectional and state tournaments, which are tax exempt, for operating costs over the next couple of years. The MSHSL said this would help make up for revenue lost due to the COVID-19 pandemic.