Statement from Perry Aasness, Executive Director Minnesota AgriGrowth, on Tax Bills in State Legislature:
St. Paul, MN – AgriGrowth is pleased that both the House and Senate have passed tax bills which include provisions that support Minnesota’s ag and food sector. It’s important to Minnesota agribusinesses, food companies and farmers that the state tax code reasonably conform with the Federal tax code after the passage of the federal tax reform legislation by Congress in 2017.
There are a several provisions in the tax bills recently passed in the House and Senate that AgriGrowth supports, including:
- Federal conformity on Section 179 for capital equipment expensing, exchange on equipment, and bonus depreciation.
- Homestead status clarification allowing homeowners to retain homestead treatment regardless of operation structure such as a limited liability company or partnership.
- A provision that would clarify a prohibition on local municipalities from imposing excise taxes on foods and beverages.
With less than three weeks remaining in the 2018 legislative session, AgriGrowth is hopeful that Governor Dayton and leaders from the House and Senate can reach an agreement on a tax bill that will help support the profitability and competitiveness of Minnesota’s ag and food sector.
The Minnesota AgriGrowth Council is a nonprofit, nonpartisan member organization representing the agriculture and food systems industry. Formed in 1968, AgriGrowth’s strategic approach to public policy advocacy, issues management and collaboration seeks to foster long-term sustainability, competitiveness, and business growth. More information can be found at agrigrowth.org or by following AgriGrowth’s Twitter account at @mn_agrigrowth