POPULATION: 5,266,214 (2009)
LABOR FORCE: 2,967,967 (2009)
RIGHT TO WORK: No
TRADITIONAL INDUSTRIES: Health services, medical product
manufacturing, computer and electronic
product manufacturing, food
processing, industrial machinery
manufacturing
EXPANDING INDUSTRIES: Health services, educational services,
medical equipment manufacturing,
scientific instrument manufacturing,
finance and insurance
COLLEGE GRADUATES: (Age 25 and over) 31.1% (2008)
BASIC BUSINESS TAXES:
Corporate Income Tax: Corporations' rate is 9.8 percent
of net taxable income in the state;
for tax year 2010, income is apportioned
with sales weighted at 87
percent, and property and payroll
weighted at 6.5 percent each (sales
increases to 100 percent in 2014)
Sales and Use Tax: The general
sales and use tax rate is 6.875 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 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
liability
BUSINESS INCENTIVES
Job Opportunity Building Zones — JOBZ (tax-free areas)
Minnesota Investment Fund Program
Minnesota Job Skills Partnership
