SAINT PAUL, Minn. – Minnesota Governor Tim Walz signs a bill authored by DFL State Senator Rob Kupec of Moorhead amending financial reporting requirements for grain buyers.
This was the first bill passed by the legislature and signed into law during this year’s session.
“Prosperity for our small farmers is not a partisan issue. I’m glad to see legislators come together in a bipartisan way to get this done. In the coming weeks and months I look forward to working with legislators of both parties to find more ways to lower costs and improve life for Minnesotans,” Walz said.
Businesses buying less than $7.5 million worth of grain per year no longer have to have a certified public accountant do an audit. They could have it reviewed by a regular accountant. Cash only sales of less than $1 million are exempted under certain circumstances. The law is now in effect.
“A guy in Barnesville was looking at an $18,000 CPA audit of his business. Now he can probably just go to a tax attorney for a few hundred dollars,” Kupec said.
The bill passed unanimously in the Senate and passed in the House in a 123 to 10 vote. DFL State Representative Heather Keeler of Moorhead voted against the bill. Flag Family News reached out to her for comment, but we haven’t heard back.
