SF0293 - Minnesota: Governor initiatives and federal tax update

Relating to taxation ARTICLE 1 - GOVERNOR'S INITIATIVES Modifying budget reserve provisions; modifying the calculation of the school operating capital levy; modifying the residential homestead market value credit; modifying the definition of local government unit for levy limit purposes; imposing certain levy limits; excluding compensation and certain pension income for service in the armed forces from the income tax; providing for dairy investment and regional investment income tax credits; increasing maximum homeowner property tax refunds; modifying the income and franchise tax income apportionment formula; providing a direct sales tax exemption for small business and certain other capital equipment purchases including the wood products industry; exempting certain department of transportation (DOT) purchases from the sales tax; exempting certain sales of construction materials for a legal reference [...]

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