As they open their legislative sessions, politicians in many states are facing a pleasant election-year challenge: What to do with all the extra money? A slow but steady economic recovery is generating more tax revenue than many states had anticipated.
Lawmakers itching to get their proposals in the pipeline have filed them ahead of the 2014 session.
In the midst of the holidays, taxes are likely the last thing on the minds of most people. But maybe they shouldn’t be. From selling a car to buying energy efficient windows, there are ways to get money back before 2013 comes to an end. And there may be a few extra tax deductions that most people don’t even know about, according to Jeff Bergerson of Bergerson Tax Services in St. Paul. The Energy Efficient Credit is a major one.
A ruling that went against Minnesota government in a long-running sales tax dispute will stand, potentially costing the state $17 million in revenue. Revenue Department Deputy Commissioner Matt Massman told The Associated Press on Tuesday that the agency won’t appeal a September court ruling.
Minnesota businesses will see lower unemployment insurance taxes starting next year. The Minnesota Department of Employment and Economic Development says Tuesday that the unemployment insurance trust fund’s $1.2 billion reserve at the end of September was enough to trigger a tax cut.
Minnesota’s tax collections have come in $2 million below expectations in the first three months of the newly enacted state budget.
Minnesota collected 2 percent less in taxes in August than was originally expected, as revenue collections for the 2014 fiscal year droop slightly. Net general fund revenues totaled just under $1.3 billion in August.
A one-time tax on cigarette supplies has generated more than $30.4 million, most of which will be used as a backup funding stream for the new Minnesota Vikings stadium. The Minnesota Department of Revenue released new details Tuesday.
More questions about funding for the nearly billion-dollar Vikings Stadium came to light on Tuesday at the State Capitol. Last week, a judge found Vikings owner Zygi Wilf guilty of defrauding business partners out of $51 million some 20 years ago.
Repealing taxes that were approved just a couple months ago is highly unusual, but now it just might happen. Especially when it comes to the farm tax — a tax so unpopular, even Gov. Mark Dayton hates it, and he signed it into law.
Minnesota has missed its tax collection projections in July by about $21 million. The shortage is reflected in a Department of Minnesota Management and Budget memo released Monday. But officials caution that the results are preliminary and subject to change. The state began its new fiscal year in July with a state budget that raises taxes on high incomes, tobacco and some previously exempt purchases.
Doctors have been searching for years for a solution to help people quit smoking, and now one factor has helped significantly — the cost. In the first week of Minnesota’s new higher tax on cigarettes, nearly 2,500 Minnesotans visited the Quitplan Services website and 400 people called the hotline for help in quitting.
Minnesota gay couples preparing to get married after it becomes legal next month will have to wait a bit longer for guidance on their income taxes. The state Department of Revenue served notice Thursday that it is awaiting further word from the Internal Revenue Service on how same-sex married couples should make federal tax calculations.
Is the $1.60 a pack tax too much for smokers?
Minnesota Republicans called for the immediate repeal of a just-approved tax on commercial warehousing on Thursday, but the demand was met with skepticism from top Democrats who noted that lawmakers have nearly a year to revise or scrap the tax before it takes effect.