Minnesota wealth tax established for nonresidents with assets in the state.

The bill establishes a wealth tax in Minnesota for nonresidents owning assets within the state. It imposes an annual tax of one percent on the taxable wealth of individuals or trusts exceeding $10 million. The tax applies to real or tangible personal property located in Minnesota, and the value of property is calculated similarly to a gross estate under federal law. The tax is in addition to other state taxes.

Minnesota wealth tax established for nonresidents with assets in the state.

The bill establishes a wealth tax in Minnesota for nonresidents owning assets within the state. It imposes an annual tax of one percent on the taxable wealth of individuals or trusts exceeding $10 million. The tax applies to real or tangible personal property located in Minnesota, and the value of property is calculated similarly to a gross estate under federal law. The tax is in addition to other state taxes.