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SF 3843 - Amends Business Tax Policies and Establishes Recovery Aid to Small Businesses for Financial Relief - Minnesota Key Vote

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Title: Amends Business Tax Policies and Establishes Recovery Aid to Small Businesses for Financial Relief

Vote Smart's Synopsis:

Vote to pass a bill that amends business tax policies establishes recovery aid to small businesses for financial relief.

Highlights:

 

  • Extends the due date for taxes payable in 2020, so that the payment of the first half of the state general taxes must be made on or before July 15, 2020, (Article 1, Sec. 3).

  • Extends the Small Business Investment Tax Credit through 2025 for qualified small businesses (Article 2, Sec. 22).

  • Authorizes taxpayers required to file state taxes and taxpayers who file composite returns under state law, to submit installments of estimated payments (Article 2, Sec. 19).

  • Specifies that installments of estimated state tax payments for the taxable year 2020 under section 289A.25, subdivision 3, paragraph (b), may be submitted as follows (Article 2, Sec. 19):

    • The April 15, 2020, installment may be submitted by July 15, 2020; and 

    • The June 15, 2020, installment may be included with the September 15, 2020, installment.

  • Specifies that installments of estimated state tax payments under section 289A.25, 27.14 subdivision 11, may be submitted as provided (Article 2, Sec. 19):

    • The installment due May 15, 2020, for either taxable year 2019 or 2020 may be included with August 15, 2030, installment; and

    • The installment due June 15, 2020, for either taxable year 2019 or 2020 may be included with the September 15, 2020 installment.

  • Specifies that installments of estimated state tax payments under section 289A.26, 27.20 subdivision 2, may be submitted as provided (Article 2, Sec. 19):

    • The installment due May 15, 2020, for either taxable year 2019 or 2020 may be included with the August 15, 2020, installment; and

    • The installment due June 15, 2020, for either taxable year 2019 or 2020 may be included with the September 15, 2020 installment.

  • Authorizes a qualified investor or qualified fund to be eligible for a credit equal to 25 percent of the qualified investment in a qualified small business (Article 2, Sec. 1).

  • Prohibits the Commissioner of Revenue from allocating more than $10 million in credits to qualified investors or qualified funds for the applicable taxable years (Article 2, Sec. 1).

  • Specifies that a district’s referendum equalization levy equals the sum of the first tier referendum equalization level and the second tier referendum equalization levy (Article 1, Section 1).

  • Specifies that a district’s first tier referendum equalization levy equals the district’s first tier referendum equalization revenue times the lesser of (Article 1, Sec. 1):

    • One; 

    • The ratio of the district’s referendum market value per resident pupil unit to $650,000; or

    • The ratio of the district’s referendum market value per adjusted pupil until to $650,000.

  • Specifies a district’s second tier referendum equalization levy equals the district’s second tier referendum equalization revenue times the lesser of (Article 1, Sec. 1):

    • One; 

    • The ratio of the district’s referendum market value per resident pupil unit to $320,000; or 

    • The ratio of the district’s referendum market value per adjusted pupil until to $320.000.

  • Requires by March 15 of each fiscal year, the commissioner of management and budget, in consultation with the commissioner to determine the estimated increase in revenues received from taxes imposed under this act as a baseline of (Sec. 13):

    • $26.7 million in the 2021 fiscal year; 

    • $25.8 million in the 2022 fiscal year; and

    • $24.9 million in the 2023 fiscal year and thereafter.

  • Specifies that Class 4d property has a classification rate of 0.25 percent (Article 1, Sec. 2).

Title: Amends Business Tax Policies and Establishes Recovery Aid to Small Businesses for Financial Relief

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