HF 1035

as introduced - 91st Legislature (2019 - 2020) Posted on 02/11/2019 02:18pm

A bill for an act
relating to taxation; corporate franchise; allowing a credit for certain federal taxes
paid; amending Minnesota Statutes 2018, section 290.06, by adding a subdivision.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2018, section 290.06, is amended by adding a subdivision
to read:

new text begin Subd. 39. new text end

new text begin FICA tax credit. new text end

new text begin (a) A corporation subject to tax under section 290.02 is
allowed a credit against the tax imposed under this chapter equal to ten percent of the amount
of taxes paid under section 3111(a) of the Internal Revenue Code for the taxable year on
wages subject to withholding under section 290.92.
new text end

new text begin (b) The credit for the taxable year must not exceed the sum of the liability for tax under
subdivision 1 and section 290.0921.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for taxable years beginning after December
31, 2019.
new text end