1.1 	A bill for an act
1.2 	relating to taxation; reducing the corporate tax rate; eliminating credits and 
1.3 	subtractions;amending Minnesota Statutes 2010, section 290.06, subdivision 1; 
1.4 	repealing Minnesota Statutes 2010, sections 290.01, subdivision 19d; 290.06, 
1.5 	subdivisions 24, 27, 30, 31; 290.068, subdivisions 1, 2, 3, 4, 5, 6a, 7; 290.21, 
1.6 	subdivisions 1, 4; 469.339.
1.7 	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.8 	Section 1. Minnesota Statutes 2010, section 290.06, subdivision 1, is amended to read:
1.9 		Subdivision 1.Computation, corporations. The franchise tax imposed upon 
1.10 	corporations shall be computed by applying to their taxable income the rate of 9.8 3.1
1.11 	percent.

1.12 	EFFECTIVE DATE. This section is effective for taxable years beginning after 
1.13 	December 31, 2011.

1.14 	Sec. 2. REVISOR'S INSTRUCTION.
 1.15 	The revisor of statutes shall make any cross-reference changes, language changes, or 
1.16 	both, to Minnesota Statutes made necessary by section 3.

1.17 	Sec. 3.  REPEALER.
 1.18 	Minnesota Statutes 2010, sections 290.01, subdivision 19d; 290.06, subdivisions 
1.19 	24, 27, 30, and 31; 290.068, subdivisions 1, 2, 3, 4, 5, 6a, and 7; 290.21, subdivisions 1 
1.20 	and 4; and 469.339, are repealed.

1.21 	EFFECTIVE DATE. This section is effective for taxable years beginning after 
1.22 	December 31, 2011.