Agenda - Council - 11/25/1981 - Laserfiche WebLink

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_i I I I I I I I I I I I I I I I I I I SIXT}~ DRAFT - 1982 POLICY POSITIONS TAXES 1. Support no increase in state tax rates - support no new state taxes. 2. Support federal conformity measures; me State legislative adoption of "15-10-5-3", the Accelerated Cost Recovery System and expensing provisions for corpora- tions, unincorporated businesses, and the self-employed. b. Full conformity to internal revenue code of December 31, 1981. c. Increase the exclusion for capital gains to 60% from 50%. d. Adopt the estate tax conformity provisions. Graduate the corporate tax rate,(5-10%) and cut the top rate from 12% to 10%, Stabilize the local property tax classification system - stopping the rapid increase in commercial industrial property taxes. Enact effective local expenditure controls. Support continuation of income tax indexing: a. Repeal the "taxable net income adjustment factor" enacted in 1981. b. Restore indexing to a per cent of CPI. 7. Repeal the sales tax law on food enacted in 1981. 8. Oppose U. S. Treasury rules or congressional proposals to severely restrict tax-exempt bonding by governmental authorities. ECONOMIC DEVELOPMENT I. Support continuation of exempt bonding under local control for industrial purposes by the state and local communities. 2. Support "bundling" of smaller issues into larger revenue bonds. Support the authorization and appropriation of the Small Business Finance Agency. Support state-local participation in tourism and convention promo- tion funding. Minnesota should adopt long-term mineral and timber development policies to promote expanded and orderly development of these resources.