Senate targets corporate political spending by attempting to tax it
The Minnesota Senate passed a bill today that would require political spending by corporations to be subject to the individual income tax.
The Senate passed the bill 37-23.
The measure would level the playing field after the U.S. Supreme Court allowed corporations to spend unlimited amounts of money to influence elections, said chief sponsor, Sen. Dick Cohen, DFL-St. Paul.
“Corporate monies would still be allowed to impact an election," Cohen said. "It does so, however, in a way that is simply more fair and more equal relative to the citizens of Minnesota.”
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Opponents criticized the measure as being overtly partisan and suggested the measure would likely be challenged in court.
Sen. Scott Newman, R-Hutchinson, said he thinks the bill is a mistake. He cited a fiscal note from the head of the state Campaign Finance Board that said the state could lose a legal challenge if the bill becomes law.
"Should this piece of legislation pass, it's liable to cost the state of Minnesota a lot of money," Newman said. "I think we should heed that warning."
Republicans failed in their attempt to require labor unions to be held to the same standard.
The Minnesota House is considering similar legislation.