National Ag News
Bill to conform depreciation to federal cap moving in Minnesota Legislature
May 8, 2017, 18:50 PM
by
System
Legislation that would conform rapid depreciation to the federal cap of $500,000 dollars is included in an omnibus tax bill advancing through the Minnesota Legislature.
Thom Peterson, director of government relations for the Minnesota Farmers Union, says currently the state only conforms to the first $25,000 dollars when buying new equipment.
“This would be on your state tax. So you pay your state tax and your federal tax, so when you buy a new piece of equipment you’re paying on both.
