Same great content as always!
MNCPA
MINNESOTA SOCIETY of
CERTIFIED PUBLIC ACCOUNTANTS
Legislative Digest
JAN. 25, 2019

Notice anything different or new with the Legislative Digest?

The new Legislature is off and running until May 20. While they're in session, the MNCPA Legislative Digest will also have something new: a video summarizing highlights at the Capitol.

Legislative Digest with Geno Fragnito
Watch the Digest on Vimeo
In this issue of the digital Digest, I'll cover:

1) The Senate Republican majority's top priorities:

  • Mental health funding.
  • Affordable and accessible child care.
  • More effective and accountable government.
  • Lowering health care costs.
  • Simplifying Minnesota's tax code and making it "fairer."

2) The House Democrat majority's top priorities:

  • Health care coverage.
  • Public education.
  • Gun legislation.
  • Prescription drug costs.
  • Paid family leave.

3) The start of tax conformity discussions.

4) CPA Day at the Capitol on Feb. 5 - sign up today!

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Revenue projections for conformity

If legislators choose to adopt recent federal changes without making Minnesota adjustments, taxpayers would pay approximately $1.2 billion more in each of the next two state budget cycles.

Department of Revenue projections - ($000s)

FY19 FY20 FY21 FY22 FY23
Individual income tax ($12,210) $251,510 $271,420 $293,970 $374,020
Property tax refund $0 $0 $88,340 $89,660 $91,180
Unrelated business tax $200 $2,900 $2,200 $2,700 $2,900
Corporate franchise tax $15,380 $392,400 $211,700 $205,100 $167,400
General fund total $3,370 $646,810 $573,660 $591,430 $635,500

Minnesota Department of Revenue - Dec. 18, 2018

Other tax-related legislation introduced includes proposals to reduce individual income tax rates; a proposal to allow partnerships, a limited liability company or an S Corporation to file as a C Corporation; repealing the corporate AMT; estate tax conformity and Section 179 conformity.

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New Department of Revenue website coming soon

The Department of Revenue is redesigning its website to make it more user-friendly and easier to navigate -- and they want you to test it out.

Part of the redesign process involves beta testing by key stakeholders, such as CPAs. This is your chance to offer professional insight to help make Revenue's website better. After you review the beta site, you're invited to complete a short survey to share your experience about what may be missing or could be improved before the new website goes live.

Check it out

You have the power to make a difference
The MNCPA works continuously to strengthen existing relationships with legislators and elect those who support the CPA profession. PAC donations help make this possible. Make a contribution and help increase the power of the PAC. Every dollar counts!
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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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