Businesses receive good value for their taxes by having access to solid public infrastructure, quality education, and second-to-none recreational amenities. As a result, employers are able to access, attract, and retain the most precious asset of all…people!
Minnesota’s corporate tax rate of 9.8% is applicable to the taxable portion of corporate income. In 2014, Minnesota adopted the single sales apportionment, making Minnesota a competitive location for headquarters and businesses that routinely make capital investments. Business taxes can be reduced by tax credits such as:
A list of local sales taxes can be found at Minnesota Local Sales and Use Taxes.
Business sales tax exemptions include:
Business services that are not taxed include:
For more information on sales and use taxes visit: Minnesota Sales & Use Tax Business Guide
Minnesota exempts personal property such as machinery and inventory from the property tax. Businesses with high equipment and inventory values, relative to their property value, pay a lower effective rate in Minnesota than many other states.
To estimate the property tax for a business property located in Olmsted County use property tax estimator.
Minnesota companies unemployment insurance rate is based on the company’s individual employment history.
Further information can be found at Unemployment Insurance Minnesota.
Minnesota employers purchased workers’ compensation coverage at market rate. Minnesota’s insurance industry is highly competitive, allowing for substantially reduced market-rate premiums.
Further market rate information can be found at Minnesota Workers’ Compensation Insurers Association Inc and general information can be found at Minnesota Workers Compensation.
