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HF 1561

as introduced - 93rd Legislature (2023 - 2024) Posted on 02/09/2023 11:36am

KEY: stricken = removed, old language.
underscored = added, new language.
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Engrossments
Introduction Posted on 02/09/2023

Current Version - as introduced

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A bill for an act
 relating to taxation; reducing the corporate franchise tax rate; reducing the rate
used to calculate application of the corporate alternative minimum tax; amending
Minnesota Statutes 2022, sections 290.06, subdivision 1; 290.0921, subdivision
1.

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

Section 1.

Minnesota Statutes 2022, section 290.06, subdivision 1, is amended to read:


Subdivision 1.

Computation, corporations.

The franchise tax imposed upon corporations
shall be computed by applying to their taxable income the deleted text begin rate of 9.8 percent.deleted text end new text begin following
rates for the taxable years provided:
new text end

new text begin (1) for taxable years beginning before January 1, 2023, 9.8 percent;
 new text end

new text begin (2) for taxable years beginning after December 31, 2022, and before January 1, 2024,
9.3 percent;
 new text end

new text begin (3) for taxable years beginning after December 31, 2023, and before January 1, 2025,
9.05 percent; and
 new text end

new text begin (4) for taxable years beginning after December 31, 2024, 8.8 percent.
 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, 2022.
 new text end

Sec. 2.

Minnesota Statutes 2022, section 290.0921, subdivision 1, is amended to read:


Subdivision 1.

Tax imposed.

In addition to the taxes computed under this chapter without
regard to this section, the franchise tax imposed on corporations includes a tax equal to the
excess, if any, deleted text begin for the taxable yeardeleted text end ofnew text begin the amount calculated at the following rates on
Minnesota alternative minimum taxable income for the following taxable years, over the
tax imposed under section 290.06, subdivision 1, without regard to this sectionnew text end :

(1) new text begin for taxable years beginning before January 1, 2023, new text end 5.8 percent deleted text begin of Minnesota
alternative minimum taxable incomedeleted text end ; deleted text begin over
deleted text end

deleted text begin (2) the tax imposed under section 290.06, subdivision 1, without regard to this section.
 deleted text end

new text begin (2) for taxable years beginning after December 31, 2022, and before January 1, 2024,
5.5 percent;
 new text end

new text begin (3) for taxable years beginning after December 31, 2023, and before January 1, 2025,
5.35 percent; and
 new text end

new text begin (4) for taxable years beginning after December 31, 2024, 5.2 percent.
 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, 2022.
 new text end