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Taxes

A tax is a charge or levy of money made by a governmental entity (state, local, or federal) against a taxpayer—usually a U.S. citizen or a person living or working in the United States. There are many kinds of taxes, including income tax, capital-gains tax, property tax, franchise tax, gift tax, ad valorem tax, sales tax, use tax, inheritance tax, and estate tax.

In Minnesota, as in other states, taxpayers are subject to a variety of taxes imposed by state and local governments, as well as the federal government. State income tax is progressive, with rates that vary depending on the taxpayer's income level. Capital gains are taxed as income at the state level. Property taxes are administered by local governments and are based on the assessed value of real and personal property. Minnesota does not have a franchise tax, but it does impose a state sales tax on most retail sales of goods and services, and a use tax on goods and services purchased outside the state for use within Minnesota. The state does not impose a gift tax. However, while there is no inheritance tax, Minnesota does have an estate tax, which applies to the estates of decedents who were residents of Minnesota or owned property in the state. It's important to note that federal taxes, including federal income tax, capital gains tax, and federal estate and gift taxes, also apply to Minnesota residents.

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Taxes

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Minnesota State Code

Minnesota State Code

Taxes

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