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MINNESOTA ASSOCIATION <br />COMMERCE AND INDUSTRY <br /> <br />! <br />! <br /> <br />MINNESOTA LEGISLATIVE ACTIONS - ]967 THROUGH 1981 <br /> <br /> SIGNIFICANT BUSINESS TAX CHANGES <br /> <br />PLUS <br /> <br /> 1967 ~' Option of exempting either inven- <br /> tory or machinery from personal <br /> property tax. <br /> <br /> 1969 1. 5% pollution control tax credit <br /> enacted for industry. <br />11971 ~f~. 'Machinery and inventories exempted <br /> from personal property tax. <br /> <br /> 2. Update and conformit~ of individual <br /> income tax. <br /> <br />3. Accelerated depreciation adopted <br /> <br />! <br />! <br /> <br /> t,, t/ ~ <br /> <br />200 HANOVER BUILDING <br />480 CEDAR STREET <br />SAINT PAUL, MINNNESOTA 55101 <br />(612) 292-4650 <br /> <br /> MINUS <br /> <br />1. Corporate income tax raised <br /> from t0.23 to 11.33. <br /> <br />2. Sales tax 3%. <br /> <br />1. Taconite production tax raised. <br /> <br />1. Sales tax to 4%. <br /> <br />2. Corporate income tax raised to <br /> 12%, deduction of federal tax <br /> eliminated. <br /> <br /> Assessment rate on commercial- <br /> industrial real property raised <br /> to 43% from 40%. <br /> <br />4. Increased taconite taxes sched- <br /> uled. <br /> <br />5. Increased tax rates on individuals. <br /> <br />1973 1. <br /> <br />1974 1'. <br /> <br />! <br /> 1975 <br /> <br /> 1977 1. <br /> <br />"Destination" sales on corporation <br />income tax. - - - <br /> <br />"Used and Consumed" sales tax ex- <br />emptions, <br /> <br />Lhnployer's Excise Tax exemption <br />raised to $250,000. <br /> <br /> l. Employer's Excise Tax (2Mil) <br /> (ABEX decision).-- <br /> <br /> 1. Income tax added for railroads. <br /> <br /> 2. Newly discovered iron ore taxed <br /> retroactively. <br />~~.Reduction in homestead property <br /> tax rates, increasing business ' <br /> property taxes. <br /> <br /> Tacontte Production Tax increase. <br /> <br /> Expiration of pollution control <br /> tax credit for industry. <br /> <br /> Property tax "shift", increasing <br /> business property taxes. <br /> <br /> "Preference income" tax. <br /> Increased tax rates on individuals. <br /> <br />! <br />! <br /> <br />1978 <br /> <br />1. Employer's Excise Tax repealed. <br /> <br />2. 1977 rate increase cut one-half <br /> on individual income taxes. <br /> <br />Out-of-state income taxes - losses <br />limited. <br /> <br /> <br />