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Minneapolis BET debates local revenue options: income tax, land transfer tax, voluntary PILOTs and vacancy fees
Summary
At their Nov. 12 meeting the Board of Estimate and Taxation discussed a range of potential revenue tools — local income tax on high earners, a land transfer tax, voluntary PILOT payments from tax-exempt institutions and higher vacancy/parking fees — and agreed to await a consultant briefing before sending formal feedback to City Council.
The Minneapolis Board of Estimate and Taxation spent a substantial portion of its Nov. 12 meeting discussing potential local revenue sources to advise the City Council. President Steve Brandt framed the discussion as preliminary and advisory, saying the council had asked for the report to come to both bodies and that the BET should identify any initial consensus for the council’s legislative agenda.
Brandt outlined ranked options. He described expanding the downtown liquor and restaurant taxing area and urged consideration of statutory change to permit the city, as a home-rule jurisdiction, to set such boundaries. "It seems to me we know the city best and legislators from all over the state don't," Brandt said, urging the council to consider amending its legislative agenda to…
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