Minnesota Releases Guidance on Refund Program

Wednesday, August 20th, 2014

 
 
Share
Link
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/


About TTR

Transaction (buying or selling things), Tax (the tax on this activity), Resources (our people, our website, our support services) - TTR, Inc.

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.

Please visit TTR on the web at www.ttrus.com or call 866.578.8193.

Economic Nexus in Washington

Monday, August 13th, 2018 -Effective October 1, 2018, certain out-of-state businesses will be required to collect and pay Washington sale...

Economic Nexus in Michigan

Thursday, August 9th, 2018 -Effective October 1, 2018, certain out-of-state sellers will be required to collect and pay Michigan sales or ...

Georgia Suspends Tax on Jet Fuel

Wednesday, August 8th, 2018 -Effective August 1, 2018, Georgia no longer collects state level sales and use tax on jet fuel. Georgia tax...

Employment Services Contracts for Permanent Employees Not...

Monday, August 6th, 2018 -The Ohio Board of Tax Appeals recently addressed whether contracts entered into by an employment services agen...

Alarm Systems and Monitoring Not Taxable in Missouri

Wednesday, August 1st, 2018 -The Missouri Department of Revenue recently released a ruling determining that (1) security, fire, tornado, an...

Economic Nexus in Utah

Wednesday, August 1st, 2018 -Effective January 1, 2019, certain out-of-state sellers will be required to collect and pay Utah sales or use ...