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    2023 SESSION OUTCOMES: TAXES main photo

    2023 SESSION OUTCOMES: TAXES

    September 15, 2023

    Despite a historic nearly $18 billion budget surplus and Minnesota’s already high-tax environment, this session the legislature increased taxes by nearly $10 billion over the next four years. Although some taxes decreased mostly for lowerincome taxpayers through one-time rebates and refundable tax credits, businesses and taxpayers at all income levels will see permanent cost increases. The process of passing these historic increases lacked transparency. Many bills and provisions were not introduced or allowed public testimony and the language was not provided until the night before a final vote. Minnesota’s corporate and incomes tax rates are already in the top five highest in the nation, which adds headwinds to investment, entrepreneurship, and talent recruitment and retention – all needed for a growing economy.

    Read the complete article here. 

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    West Central Economic Development Alliance 308 Frontage Rd Sebeka, MN 56477Phone 218-837-5950 wceda@wcta.net
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