HF 2256

as introduced - 89th Legislature (2015 - 2016) Posted on 05/07/2015 10:15am

A bill for an act
relating to taxation; income; repealing the individual income and corporate
franchise taxes.

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

Section 1. new text begin REPEAL OF THE INDIVIDUAL INCOME AND CORPORATE
FRANCHISE TAXES.
new text end

new text begin For taxable years beginning after December 31, 2016, the individual income and
corporate franchise taxes under Minnesota Statutes, chapter 290, are repealed.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end

Sec. 2. new text begin CONFORMING LEGISLATION.
new text end

new text begin No later than January 15, 2016, the commissioner of revenue shall submit legislation
to the chairs and ranking minority members of the legislative committees having
jurisdiction over taxes in the senate and the house of representatives recommending the
repeal of any provision of law made necessary by the repeal of the individual income and
corporate franchise tax in section 1, and the enactment of any provision of law relating
to implementing the provisions of this act. The legislation shall include, at a minimum,
the following:
new text end

new text begin (1) the repeal of any provision of law related to the repealed taxes under section 1;
new text end

new text begin (2) the statutory, language, and cross-reference changes necessary to effect the
provisions of this act, including the repeal of all sections related to the repeal of the taxes
in section 1; and
new text end

new text begin (3) any other recommendation or provision necessary to effect the provisions of
this act.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end