MN State Tax Expenditure Budget, 2010
The 2010 State of Minnesota Tax Expenditure Budget was released this week. It is a “must read” for “those interested in learning more about the various state taxes (02/23/2010, Review Messenger).
“Tax expenditures are statutory provisions which reduce the amount of revenue that would otherwise be generated, including exemptions, deductions, credits, and lower tax rates. These provisions are called “expenditures” because they are similar to direct spending programs. Both tax expenditures and direct expenditures are used for public policy goals, such as funding or encouraging specified activities or providing financial assistance to persons, businesses, or groups in particular situations” (p1, the report)
On February 23, Paul Wilson, director of tax research for the Department of Revenue, went over the report with the House Taxes Committee. The meeting was about 1 hour and 22 minutes (Listen Now or Download MP3).
(Thank you, Jay, for providing the information.)