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1 Morgan Scarboro, et al., Minnesota's Uncompetitive Tax Code Warrants Improvement 1 (2018)

handle is hein.taxfoundation/mntux0001 and id is 1 raw text is: Minnesota's Uncompetitive Tax Code Warrants Improvement FISCAL FACT No. 616 Sept. 2018 Morgan Scarboro Policy Analyst Scott Drenkard Director of State Projects Ben Strachman Research Assistant The Tax Foundation is the nation's leading independent tax policy research organization. Since 1937, our research, analysis, and experts have informed smarter tax policy at the federal, state, and local levels. We are a 501(c)(3) nonprofit organization. ©2018 Tax Foundation Distributed under Creative Commons CC BY NC 4.0 Editor, Rachel Shuster Designer, Dan Carvajal Tax Foundation 1325 G Street, NW, Suite 950 Washington, DC 20005 202.464.6200 taxfoundation.org Key Findings After the recessions in 2001 and 2007-2009, Minnesota's job growth has trailed the national average, suggesting Minnesota's economy may not be as strong as it once was. Since the early 2000s, Minnesota has seen more than 76,000 people leave the state on net, with net out-migration occurring every year since 2002. Minnesota has the fourth highest top marginal individual income tax rate in the country at 9.85 percent. Minnesota imposes the third highest corporate income tax rate in the country at 9.8 percent, behind only Iowa and Pennsylvania's (12 and 9.99 percent rates, respectively). Minnesota's corporate income tax revenue has varied by as much as 42 percent year-over-year, making it difficult to properly budget when revenues are unpredictable. On average, states have six classifications for their property tax structure. Minnesota is an extreme outlier with 52 property tax classifications, resulting in immense complexity. South Dakota has the second most nationally with 14. Minnesota legislators have yet to act to bring Minnesota up to date with new federal tax law provisions, which will create headaches if put off much longer. Without a conformity bill, Minnesota taxpayers can't rely on consistent definitions between their state and federal income tax returns, and businesses will essentially be forced to keep two sets of books.

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