This course is for businesses located in Minnesota that make products ultimately sold at retail. It is designed for business owners, bookkeepers, purchasing agents, and accountants who need a working knowledge of how sales and use taxes in Minnesota relate to product makers and the manufacturing process.
The focus is to give participants a better understanding of the “Industrial Production Process” and what items may (or may not) qualify for the Capital Equipment Refund. Though we’ll cover some basics about the Sales and Use Tax, this course is not meant as an introduction to the topic.
After completing this class you will be able to:
- Know when sales and use taxes are owed
- Identify what qualifies as “capital equipment”
- Understand the differences between capital equipment refunds and industrial production exemptions
- Distinguish how the use of goods determines if an item qualifies for a refund of tax paid, an up-front exemption, or is ineligible for an exemption
- Know the types of refunds and exemptions available to businesses engaged in industrial production