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Senate Counsel, Research and Fiscal Analysis
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Minnesota Senate Bldg.
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95 University Avenue W. Suite 3300
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St. Paul, MN 55155
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(651) 296-4791
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Alexis C. Stangl
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Director
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Senate
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State of Minnesota
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S.F. No. 236 - Credit for Sales Tax Paid on Medical Devices (as proposed by the A-2 amendment)
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Author:
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Senator David H. Senjem
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Prepared By:
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Nora Pollock, Senate Counsel (651/297-8066)
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Date:
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March 20, 2015
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This bill provides an income or corporate franchise tax credit for the Minnesota share of the amount of the federal tax medical device tax paid. The tax is 2.3 percent of the sales price of the taxable medical device. “Minnesota share” is defined as the amount of the tax paid multiplied by the ratio of the taxpayer’s Minnesota payroll in connection with the trade or business during the tax year to its total payroll in connection with the trade or business during the tax year. Effective beginning in tax year 2015.
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Check on the status of this bill
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Back to Senate Counsel and Research Bill Summaries page
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Last review or update: 03/20/2015
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