Letter: New gift tax will create hardship
Minnesota enacted a gift tax to be effective June 30, 2013. Our state joined Connecticut as the only other state to impose a tax on gifts.
News reports of this tax have been scarce to non-existent during the legislative session, after the adjournment and upon the governor signing the bill. From 1979 until now Minnesota has not imposed a tax on gifts. I urge readers to contact their legislators to ask them to introduce a bill in the next legislative session to repeal retroactively this ill-conceived gift tax.
Minnesota's new gift tax will be particularly hard on farmers, small business owners, generous grandparents and many other citizens of our state.