Minnesota Releases Guidance on Refund Program

Wednesday, August 20th, 2014

 
 
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Minnesota
General

The Minnesota Department of Revenue recently released guidance on the Greater Minnesota Business Expansion Refund Program.

For a business to take part in this program, it must be certified by the Minnesota Department of Employment and Economic Development (DEED). DEED certifies businesses that operate in Minnesota and meet employment and compensation requirements. Certain kinds of businesses do not qualify, including those engaged in lobbying, gambling, professional sports, or political consulting.

Once the business is certified, it is eligible to file refund claims for tax paid on certain purchases. There are three categories of purchases that qualify for refunds. First are purchases of property and services primarily used at qualifying facilities in Minnesota. Second are purchases of construction materials and supplies primarily used in constructing qualifying facilities. And third are purchases of equipment incorporated into real property at qualifying facilities. DEED will determine which facilities are "qualifying facilities" during a business's certification process.

A certified business may file only two refund claims per year. It may claim up to $2 million in refunds per year, but no more than $10 million during a seven year period. The state will only issue up to $7 million in refunds during each fiscal year. The state will process these refund claims on a first-come, first-served basis.

http://www.revenue.state.mn.us/businesses/sut/Pages/Greater-MN.aspx

http://mn.gov/deed/business/financing-business/tax-credits/greater-mn-biz-expansion/


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TTR has a website that companies subscribe to and use daily. This website provides a list of everything that can be bought or sold in the U.S. It provides simple answers to whether buying or selling these items is taxable (subject to a sales tax or other tax), and it provides all the legal authority to support these tax answers.

TTR likes to keep things simple and fun, which is why it has great people who provide help to clients on any support questions they have about transaction tax issues.

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