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Senate narrows audit requirement, adjusts thresholds for small grain buyers
Summary
Senate File 1552, amended on the floor, reduced the audit threshold for small grain purchasers and reinstated a co-op board sign-off requirement; the Senate approved the bill.
Senate File 1552, a measure to change oversight and audit requirements for grain buyers and cooperative elevators, passed the Minnesota Senate after floor discussion and adoption of an amendment.
Senator Kupik, the bill's author, described the bill as aimed at helping smaller grain buyers by calibrating audit requirements to business size. "If you only make under 7 and a half million dollars in sales, that you can use a tax attorney or an accountant," Kupik said on the floor, and he described the tiered approach: tax…
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