The Minnesota House of Representatives has passed the omnibus tax bill. This bill aligns the state tax code to address the changes past at the federal level. For farmers, this bill conforms to the federal 179 expensing allowance, allowing individual taxpayers to deduct for equipment put into service this year. In addition, land will still qualify for the agricultural classification even if a significant amount of the property is used for environmental purposes, like buffer strips. A school property tax working group will be established to consider the impact of new schools on farm property taxes. The Minnesota Senate Tax Committee will meet this morning to discuss tax conformity.
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