NEWS ITEMS
AROUND THE WEB
NEWS ITEMS
AROUND THE WEB
Aerospace Manufacturer Alliant Techsystems Investing $200 Million, Adding 600 Jobs in Mississippi
02/03/2009
May U.S. Factory Orders Rise Significantly
Topics
Exclusive Content
Industry Reports
Related Sites
Newsletters
Enter your email address:
Minnesota
Resources Page
Minnesota: Emerging Industries Flourishing in Spite of Fiscal ChallengesMinnesota is a leader in biotechnology, and rapidly gaining momentum as a top location for alternative energy. More |
||
States Fund Renewable Energy ProjectsSixteen states have taken the lead in funding for renewable energy projects through tax and production incentives, rebates, grants, and loans. More |
||
Minnesota Moves Forward With Pioneering Biotech Advances, Alternative Energy“Despite a challenging national economy, Minnesota continues to be active in growth and innovation,” says Kirsten Morell, communications director for the Minnesota Department of Employment and Economic Development She credits the medical devices, mining, and renewable energy sectors for helping to build Minnesota’s economic growth. More |
||
A Conversation With… Mark Lofthus, Director of Business Development, Minnesota Dept. of Trade & Economic Development“While Southwest Minnesota focuses on renewable energy with wind turbine development, rural Minnesota is also very involved in the ethanol industry. As of February 2007, we had 16 ethanol plants, with five more under construction. By 2008, our ethanol production is expected to reach 1 billion gallons, consuming approximately one-fourth of the state’s corn crop.” More |
||
State Contacts
|
|
Minnesota
At A Glance
POPULATION:
5,197,621 (2007)
Corporate Income Tax: Corporations' rate is 9.8 percent of net taxable income in the state; income is apportioned with sales weighted at 81 percent, and property and payroll weighted at 9.5 percent each (declining to 100 in 2014)
LABOR FORCE: 2,930,553 (2007)
RIGHT TO WORK: NoTRADITIONAL INDUSTRIES: Health and medical services and products, electronic components, forest products, food products, industrial machinery
EXPANDING INDUSTRIES: High-technology manufacturing, including computer system design, scientific instruments, medical devices, and biosciences; business services; financial activitiesCOLLEGE GRADUATES: (Age 25 and over) 33.5% (2006)
BASIC BUSINESS TAXES:Corporate Income Tax: Corporations' rate is 9.8 percent of net taxable income in the state; income is apportioned with sales weighted at 81 percent, and property and payroll weighted at 9.5 percent each (declining to 100 in 2014)
Sales and Use Tax: The general sales and use tax rate is 6.5 percent; special tooling and capital equipment and machinery used by manufacturers are exempt
Property Tax: Personal property, including machinery and inventory, is exempt from property tax; local governments tax all real property not specifically exempted; each property's assessed value is multiplied by 1.5 percent for the first $150,000 of value and 2.0 percent of any value over $150,000; this new value, or the tax capacity, is multiplied by the local and state property tax rates plus any local referendum rate to determine property tax liabilityBUSINESS INCENTIVES:
Job Opportunity Building Zones (JOBZ) (tax-free areas)
Minnesota Investment Fund Program
Minnesota Job Skills Partnership
SPONSOR PROFILES:
