Tax Relief

Minn. Invoice would give tax breaks to leisure venues

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“href =” https://www.law360.com/tax-authority/articles/1364465/# “> Jaqueline McCool · March 12, 2021 at 2:27 pm EST

Minnesota would provide tax breaks through credits, tax exemptions and refunds for entertainment venues in response to the financial impact of the novel coronavirus pandemic under a Senate bill.

The 1935 SB, which Senator Karin Housley, R-Stillwater, introduced on Wednesday, would give tax breaks to entertainment venues that made at least 33% of 2019 ticket sales and live event revenues, had 60 or fewer full-time employees, and was not due to the Pandemic able to work at over 25% capacity.

The venues could request a property tax credit for an undetermined amount, according to the invoice. Venues would also be exempt from sales tax if admission purchases were made and would be eligible for a refund of sales tax paid in 2020.

The bill would also include grants for eligible venues. Qualifying companies would be eligible for grants of 25% of their gross sales up to $ 500,000.

– Arrangement by Vincent Sherry.

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