as introduced - 93rd Legislature (2023 - 2024) Posted on 02/15/2024 09:35am
Engrossments | ||
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Introduction | Posted on 02/14/2024 |
A bill for an act
relating to taxation; corporate franchise; allowing a credit for certain federal payroll
taxes; amending Minnesota Statutes 2022, section 290.06, by adding a subdivision.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Minnesota Statutes 2022, section 290.06, is amended by adding a subdivision
to read:
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(a) For the purposes of this section, the term "eligible
corporation" means a corporation that:
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(1) is subject to tax under section 290.02;
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(2) employed an average of no more than 50 full-time employees, including full-time
equivalent employees, subject to withholding under section 290.92, on business days during
the taxable year; and
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(3) had less than $25,000,000 in total revenue in the taxable year.
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(b) An eligible corporation 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.
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(c) The credit for the taxable year must not exceed the sum of the taxpayer's liability for
tax under subdivision 1 and section 290.0921.
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This section is effective for taxable years beginning after December
31, 2023.
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