There are two major tax proposals at the Minnesota Legislature that affect our industry:

1. Sales tax on Financial services: This would add the sales tax to any investment or financial advice fees. According to officials at the Minnesota Revenue Department, this would likely include commissions on investments as well. This would directly hurt our clients who are trying to save for retirement, send their children to college, or live on a fixed income. Minnesotans of all income levels use our products and advice, and could be priced out of essential services if this is enacted.
2. MCHA Reinsurance tax: The proposal would double the tax on long term care insurance, paid family medical leave products, and other supplemental insurance products. No other state reinsurance program taxes products other than major medical insurance. It's like taxing fishing licenses to pay deer hunters. This would force more Minnesotans onto Medicaid and prevent them getting the coverage they need. It would hurt employers as they provide benefits for their employees.

The tax proposals are in the bills Senate File 2374 and House File 2437. We want to thank Bob Hanten, our board member who testified at a House tax hearing on the house bill, as well as Tim Wilkin our lobbyist who is working on these issues every day. Every person from NAIFA Minnesota and our industry that reaches out makes a difference.

Please call or email your state representative today!
You can use the following login information to contact your representative at the State Capitol:

https://naifa.quorum.us/campaign/SF2374/

or

https://naifa.quorum.us/campaign/HF2437/

Please Oppose a Tax on Financial Planning Services (H.F. 2437)

National Association of Insurance and Financial Advisors (NAIFA)

naifa.quorum.us