Yesterday the Senate took up their tax package – as a reminder, the House passed their version last week – which passed on partisan vote of 34-33. The Senate package includes provisions to give Minnesotan’s rebate checks, child tax credits, and social security tax cuts. Unlike the House, the Senate did not include a new fifth-tier tax bracket for top earners.

One thing to watch included in both tax packages is the worldwide combined reporting provisions. This would require multinational companies to report all income from subsidiaries located anywhere in the world into one combined tax report in Minnesota. Currently, no other state or nation has this reporting requirement, making Minnesota an outlier.

The Senate tax package also includes a 1% food and beverage tax in for the City of Wayzata.

Hospitality Minnesota will be monitoring both provisions and weigh in once the bill gets to conference committee – likely later this week.