Testimony of SIFMA Managing Director Nancy Donohoe Lancia before a Minnesota State Legislature panel on state bills HF 677 and SF 552, which would create a tax on financial services.

SIFMA and its member firms oppose the imposition of the sales tax on financial services. For our members the sales tax on service proposed in HF 677 and SF 552 would likely lead to decreased business activity and employment in the state and would increase the cost of doing business in Minnesota. For individual investors this punitive tax would unexpectedly increase the costs of savings, retirement, and college education.