Minnesota Repeals Warehousing and Storage Services Tax
- Mar 26, 2014 | Gail Cole
The controversial warehousing and storage services tax, set to take effect in Minnesota on April 1, 2014, has been repealed.
Governor Mark Dayton (D) recently signed legislation cutting numerous taxes—worth $508 million--for Minnesota residents and businesses. The governor thanked lawmakers for acting quickly to spearhead these tax cuts.
In addition to doing away with the sales tax on warehousing and storage services, the legislation also repeals the following:
- Electronic, farm and commercial equipment repair tax; and
- Telecommunications equipment tax.
Other tax breaks include:
- Eliminating the gift tax;
- Raising the estate tax exemption from $1 million to $2 million;
- Tax breaks for parents;
- Tax breaks for students;
- Tax breaks for working families; and
- Tax breaks for small businesses.
The bill also provides tax credits for certain startup businesses.
Additional information is available on the budget fact sheet.
It’s challenging to keep up with state sales tax changes, especially for businesses selling into multiple states. Learn how to make it easier.