Loss in Trust Account Tax Case Could Cost Minnesota Millions
Courts found the state's attempt to tax accounts in other states as "resident trusts'' was unconstitutional.
ST. PAUL, Minn. (AP) _ A court defeat in a case over the way Minnesota taxed trust accounts in other states could end up costing about $130 million this budget cycle. The Minnesota Department of Revenue estimated it will have to repay about $67 million, plus interest, in rebates over the next two years for overtaxing some trust accounts. It…
