ST. PAUL, Minn. – A major business advocate, the Minnesota Chamber of Commerce, says the state’s massive budget surplus is an opportunity to update the state’s tax code to make Minnesota more attractive to businesses.
Chamber President Doug Loon said Minnesota income taxes are sixth-highest in the country, affecting many small business owners and corporate taxes.
“We’re number two in the country, second only to New Jersey,” Loon said. “As I understand it, New Jersey’s corporate rate turns off in 2024. If we don’t do anything on that, we’ll be number one in the country.”
Some warn that major changes to Minnesota’s tax code could result in large budget deficits if the economy goes soft.
Business advocates said a better tax climate will encourage investment and keep Minnesota’s economy strong.
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