Recent Minnesota Tax Law Changes

From our CPA friends at HLB Tautges Redpath, Ltd.

On Friday March 21, 2014 the Minnesota Legislature passed a tax bill that provided relief to individuals and businesses. The bill eliminated three business-to-business sales taxes passed in 2013 and changed the date for the capital equipment up-front exemption. The changes are highlighted below:

• Repair and maintenance of electronic and precision and commercial and industrial equipment will not be taxable starting April 1, 2014.
• Tax on warehousing and storage services was repealed. It was set to become taxable on April 1, 2014.
• Telecommunication machinery and equipment will be exempt as of April 1, 2014.
• The Capital Equipment up-front exemption has been pushed back to July 1, 2015.

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