State Tax Laws - Minnesota

Individual rates range from 5.35% to 9.85% following the federal format of obtaining taxable income almost exactly. The estate tax exemption was just raised to two million for the next five years (until 2018). The marginal tax rates were reduced and now range from 10% to 16%.

The corporate tax rate is a flat 9.8%. Sales tax is 6.875%. There also are franchise taxes, and Minnesota has a specific S-corp tax return, with minimum fees based on gross assets within the state. More Minnesota tax information can be found at: http://www.revenue.state.mn.us/Pages/default.aspx


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