Minnesota Tax Handbook A Profile Of State And Local Taxes In Minnesota(2022 Edition)
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Minnesota Department Of Revenue
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ISBN: 979-8866292721
Book publisher: Independently published
Minnesota Tax Handbook A Profile Of State And Local Taxes In Minnesota 2022 Edition Summary: The "Minnesota Tax Handbook: A Profile of State and Local Taxes in Minnesota, 2022 Edition" is a detailed guide that outlines the tax system in Minnesota. It is published every two years with a supplemental update in between. The handbook is divided into three main sections:State Taxes: This section offers detailed profiles of each state tax including the tax base, rates, amounts collected, and the legislative history. The taxes covered include income and estate taxes, sales and excise taxes, gambling taxes, gross earnings taxes, severance and tonnage taxes, and property taxes, among others.Local Taxes: This section profiles each local tax similarly to the state taxes, providing details on the tax base, rates, and collections. It includes information on property taxes, local sales taxes, lodging taxes, wheelage taxes, franchise taxes, and more.Tax Collections: The final section presents data on state and local tax collections for the two most recent years, giving a sense of the financial results of the tax system.Specifically for the Individual Income Tax in tax year 2023, the handbook describes:Tax Base: Federal adjusted gross income with Minnesota additions and subtractions.Rates and Brackets: The handbook outlines the progressive tax brackets for married joint filers (MJ), married separate filers (MS), heads of household (HH), and single filers (S), with rates ranging from 5.35% to 9.85%.Tax Computation: It includes details on how to compute the Minnesota taxable income starting from the federal adjusted gross income and accounting for various state-specific additions and subtractions.Special Provisions: These include political party funding options, contributions to the Minnesota Nongame Wildlife Management Account, income tax reciprocity agreements, and special taxes for nonresident entertainers.Revenue: The collections for the fiscal years 2021 and 2022 are provided.Administration: Information on the administering agency, who is required to pay, the number of taxpayers, and due dates for filing returns and making payments.This handbook is a comprehensive resource for taxpayers and professionals seeking to understand the tax obligations within the state of Minnesota, including specifics about tax rates, legislative changes, and administrative procedures.
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