HF 2456

as introduced - 82nd Legislature (2001 - 2002) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to taxation; franchise; decreasing the 
  1.3             minimum fee imposed on certain corporations and 
  1.4             partnerships; amending Minnesota Statutes 2000, 
  1.5             section 290.0922, subdivision 1. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 2000, section 290.0922, 
  1.8   subdivision 1, is amended to read: 
  1.9      Subdivision 1.  [IMPOSITION.] (a) In addition to the tax 
  1.10  imposed by this chapter without regard to this section, the 
  1.11  franchise tax imposed on a corporation required to file under 
  1.12  section 289A.08, subdivision 3, other than a corporation treated 
  1.13  as an "S" corporation under section 290.9725 for the taxable 
  1.14  year includes a tax equal to the following amounts: 
  1.15       If the sum of the corporation's
  1.16  Minnesota property, payrolls, and sales
  1.17  or receipts is:                            the tax equals:
  1.18             less than $500,000                $    0
  1.19     $   500,000 to $   999,999                $  100
  1.20     $ 1,000,000 to $ 4,999,999                $  300
  1.21     $ 5,000,000 to $ 7,499,999                $  500
  1.22     $ 7,500,000 to $ 9,999,999                $1,000 
  1.23     $10,000,000 to $19,999,999                $2,000 
  1.24     $20,000,000 or more                       $5,000 
  1.25     (b) A tax is imposed for each taxable year on a corporation 
  2.1   required to file a return under section 289A.12, subdivision 3, 
  2.2   that is treated as an "S" corporation under section 290.9725 and 
  2.3   on a partnership required to file a return under section 
  2.4   289A.12, subdivision 3, other than a partnership that derives 
  2.5   over 80 percent of its income from farming.  The tax imposed 
  2.6   under this paragraph is due on or before the due date of the 
  2.7   return for the taxpayer due under section 289A.18, subdivision 
  2.8   1.  The commissioner shall prescribe the return to be used for 
  2.9   payment of this tax.  The tax under this paragraph is equal to 
  2.10  the following amounts:  
  2.11       If the sum of the S corporation's or partnership's 
  2.12  Minnesota property, payrolls, and sales
  2.13  or receipts is:                        the tax equals:
  2.14               less than $500,000            $    0 
  2.15       $   500,000 to $   999,999            $  100 
  2.16       $ 1,000,000 to $ 4,999,999            $  300 
  2.17       $ 5,000,000 to $ 7,499,999            $  500
  2.18       $ 7,500,000 to $ 9,999,999            $1,000 
  2.19        $10,000,000 to $19,999,999            $2,000 
  2.20       $20,000,000 or more                   $5,000 
  2.21     [EFFECTIVE DATE.] This section is effective for taxable 
  2.22  years beginning after December 31, 2000.