Reducing tax complexity for Minnesota’s businesses
Minnesota ranked 45th out of 50 states in the Tax Foundation’s 2022 State Business Tax Climate Index. This was partly driven by our state’s high corporate tax rates, where we ranked 45th in the United States. To make serious progress up these rankings, we need to see this rate come down. But there are other factors dragging Minnesota down the rankings; fixing them would help us climb them. They are small but necessary steps in the right direction.
State policymakers should:
- Conform Minnesota to the federal depletion schedule
- Eliminate the Alternative Minimum Tax for corporations
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