Hang On To Your Wallets
Hang on to your wallets friends - the Legislature is back in session. Easter break is over and the DFL led legislature is rarin' to go...ready to spend more of your money!
The latest in the long list of taxation bills is HF 4103 - Rep. Lenczewski's bill to "help" balance the spending shortfall. Rep. Lenczewski implies that the burden of this bill will be business, but what the press and Rep. Lenczewski don't tell you is that the quintessential Minnesota cabin is also in the sights of "the taxman".
4.6 Subdivision 1. Levy amount. The state general levy is levied against
4.7commercial-industrial property and seasonal residential recreational property, as defined
4.8in this section. The state general levy base amount is $592,000,000 for taxes payable in
4.92002. For taxes payable in subsequent years, the levy base amount is increased each year
4.10by multiplying the levy base amount for the prior year by the sum of one plus the rate of
4.11increase, if any, in the implicit price deflator for government consumption expenditures
4.12and gross investment for state and local governments prepared by the Bureau of Economic
4.13Analysts of the United States Department of Commerce for the 12-month period ending
4.14March 31 of the year prior to the year the taxes are payable. The tax under this section is
4.15not treated as a local tax rate under section 469.177 and is not the levy of a governmental
4.16unit under chapters 276A and 473F.
Now, the Logical Household is one of the FEW in this state that does not own a "seasonal recreational property". While we do enjoy the "cabin life", we just never got to the point where we felt comfortable taking out that second mortgage to buy a cabin. However, for many working families, the lake cabin is something that has been passed from generation to generation...a way for a scattered family to get together and reconnect. They have made the sacrifices to keep the property for their children and great-grandchildren to enjoy. Rep. Lenczewski has decided that you do not pay enough in property taxes on your first home and your cabin so she is proposing that the rates that you pay on that cabin be raised and treated as "commercial property".
How do you think you will be able to afford to pay the taxes on your cabin when your jobs are taxed out of existance. Employers like 3M (remember the three "M's stand for MINNESOTA Mining and Manufacturing) are already leaving the state due to the threat of ever increasing taxes and regulations from the Legislature.
I will be following this bill through committee and I will bring you updates (like the updates for HF 3391) as they come out of committee. Stay tuned and be ready to call your legislator.
The latest in the long list of taxation bills is HF 4103 - Rep. Lenczewski's bill to "help" balance the spending shortfall. Rep. Lenczewski implies that the burden of this bill will be business, but what the press and Rep. Lenczewski don't tell you is that the quintessential Minnesota cabin is also in the sights of "the taxman".
4.6 Subdivision 1. Levy amount. The state general levy is levied against
4.7commercial-industrial property and seasonal residential recreational property, as defined
4.8in this section. The state general levy base amount is $592,000,000 for taxes payable in
4.92002. For taxes payable in subsequent years, the levy base amount is increased each year
4.10by multiplying the levy base amount for the prior year by the sum of one plus the rate of
4.11increase, if any, in the implicit price deflator for government consumption expenditures
4.12and gross investment for state and local governments prepared by the Bureau of Economic
4.13Analysts of the United States Department of Commerce for the 12-month period ending
4.14March 31 of the year prior to the year the taxes are payable. The tax under this section is
4.15not treated as a local tax rate under section 469.177 and is not the levy of a governmental
4.16unit under chapters 276A and 473F.
Now, the Logical Household is one of the FEW in this state that does not own a "seasonal recreational property". While we do enjoy the "cabin life", we just never got to the point where we felt comfortable taking out that second mortgage to buy a cabin. However, for many working families, the lake cabin is something that has been passed from generation to generation...a way for a scattered family to get together and reconnect. They have made the sacrifices to keep the property for their children and great-grandchildren to enjoy. Rep. Lenczewski has decided that you do not pay enough in property taxes on your first home and your cabin so she is proposing that the rates that you pay on that cabin be raised and treated as "commercial property".
How do you think you will be able to afford to pay the taxes on your cabin when your jobs are taxed out of existance. Employers like 3M (remember the three "M's stand for MINNESOTA Mining and Manufacturing) are already leaving the state due to the threat of ever increasing taxes and regulations from the Legislature.
I will be following this bill through committee and I will bring you updates (like the updates for HF 3391) as they come out of committee. Stay tuned and be ready to call your legislator.
Labels: MN Legislature
posted by The Lady Logician at
11:01 AM
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