Minnesota Legislature
HF 2641
as introduced - 87th Legislature (2011 - 2012) Posted on 03/05/2012 01:42pm
Bill Text Versions
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| Introduction | Posted on 03/05/2012 |
Current Version - as introduced
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A bill for an act
relating to taxation; eliminating the corporate franchise tax; amending Minnesota
Statutes 2010, sections 290.06, subdivision 1; 290.0921, subdivision 1.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Section 1.
Minnesota Statutes 2010, 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 rate ofnew text begin :
new text end
new text begin (1)new text end 9.8 percentdeleted text begin .deleted text end new text begin for taxable years beginning before January 1, 2013; and
new text end
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(2) zero for taxable years beginning after December 31, 2012.
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new text begin EFFECTIVE DATE. new text end
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This section is effective for taxable years beginning after
December 31, 2012.
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Sec. 2.
Minnesota Statutes 2010, section 290.0921, subdivision 1, is amended to read:
Subdivision 1.
Tax imposed.
new text begin (a) new text end In addition to the taxes computed under this
chapter without regard to this section, the franchise tax imposed on corporations new text begin for
taxable years beginning before January 1, 2013, new text end includes a tax equal to the excess, if
any, for the taxable year of:
(1) 5.8 percent of Minnesota alternative minimum taxable income; over
(2) the tax imposed under section 290.06, subdivision 1, without regard to this
section.
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(b) For taxable years beginning after December 31, 2012, the tax under this
subdivision is zero.
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new text begin EFFECTIVE DATE. new text end
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This section is effective for taxable years beginning after
December 31, 2012.
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Sec. 3. new text begin REVISOR'S INSTRUCTION.
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In consultation with the commissioner of revenue, the revisor of statutes shall
prepare a bill for introduction in the 2013 legislative session that repeals the corporate
franchise tax and, as appropriate, repeals or substitutes new cross-references or statutory
language for the repealed provisions of the franchise tax referred to in other sections of
Minnesota Statutes.
new text end