Tax reciprocity included in tax bill

Posted by HBC Newsdesk April 10, 2014

Senator Jeremy Miller (R-Winona) announced today that a provision to address the issue of income tax reciprocity between Minnesota and Wisconsin, is included in the Omnibus Tax Bill #2. The legislation was introduced by Miller earlier in the session

“I am pleased that this provision is included in the omnibus tax bill,” said Senator Miller. “Income tax reciprocity continues to be a significant issue in our region, impacting thousands of Minnesotans and Wisconsinites alike.”

According to Senator Miller, the provisions will require that the state with a net revenue loss must receive the amount of that loss by the other state. If an agreement is entered into before October 1, 2014, then the amount received must be at least the net revenue loss minus $1,000,000. The $1,000,000 amount must not be subtracted from the payment if an agreement is reached after September 30, 2014. The Omnibus Tax Bill #2 included $1 million in funding for this provision.

The bill was heard and passed the Senate on Thursday afternoon.

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