Plus: Last chance for tax map
MNCPA
MINNESOTA SOCIETY of
CERTIFIED PUBLIC ACCOUNTANTS
Legislative Digest
MAY 11, 2018
And then there was one (week)

One week remains in the 2018 legislative session -- and much work remains if legislators plan to finish their work before the May 21 adjournment date.

Tax conformity is the top priority for legislators and the Minnesota Department of Revenue (DOR). Other items to address include fixing the Minnesota Licensing and Registration System (MNLARS), passing a capital bonding bill, addressing the opioid crisis, addressing elder care concerns, gun laws, a constitutional amendment for transportation funding, and passing a supplemental budget to address state government operations through June 30, 2019.

It will be a busy week.
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Senate passes legislation creating guidelines for OSA reviews of county audits performed by CPA firms

By a vote of 67-0, the Senate passed SF 2978 to address findings in a recent Office of the Legislative Auditor (OLA) report about the procedures used by the Office of the State Auditor (OSA) when issuing a public report on county audits performed by CPA firms.

The OLA was critical of the lack of due process the OSA afforded the CPA firms whose work was being reviewed. In addition, the report was also critical of the OSA for not thoroughly supporting its findings.

Read the report (PDF)

The MNCPA supports creating operating procedures and requiring due process the OSA must follow when reviewing county audits done by CPA firms.

Summary of SF 2978
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Senate tax bill

The Senate Tax Committee passed its version of a tax bill and now must reconcile differences with the House and Gov. Mark Dayton. There are a few similarities found in each of the three proposals, but many differences remain.

Similar items found in all three bills include a shift from federal taxable income to adjusted gross income and full Section 179 conformity; none of these proposals include the 20-percent pass through conformity.

Read a Pioneer Press article breaking down the three proposals

The Senate bill reduces the first-tier income tax rate to 5.1 percent, increases the estate tax exemption to $5 million, retains Minnesota's 80-percent addback for bonus depreciation, and creates a trigger to automatically reduce individual and corporate tax rates if the state's budget surplus equals or exceeds certain thresholds.

Omnibus bill summary (PDF)
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Final chance -- DOR releases beta version of sales tax tracking map

The Department of Revenue created a mapping tool that helps identify a sales tax rate based on a physical location on a map. This tool allows you to see what state, county, city and special district taxes apply. Users can also enter an address and a pop-up box will show the rates for the specific location you are viewing.

Try the beta tax rate locator

The DOR encourages feedback after you've played around with the map. Let them know what works, what isn't working and if there are other options they should consider as they continue to develop this tool.

Share your thoughts through May 18
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Geno Fragnito Your Lobbyist
Geno Fragnito
Geno Fragnito, director of government relations, is the MNCPA's registered lobbyist working full time on behalf of the membership. For more information or to get involved, contact Geno at 952-885-5550 or gfragnito@mncpa.org.
Minnesota Society of Certified Public Accountants
1650 W. 82nd St., Suite 600, Bloomington, MN 55431
(p) 952-831-2707       (f) 952-831-7875
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