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HF 3989

as introduced - 90th Legislature (2017 - 2018) Posted on 03/19/2018 03:05pm

KEY: stricken = removed, old language.
underscored = added, new language.
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A bill for an act
 relating to taxation; corporate franchise; reducing rates; amending Minnesota
Statutes 2016, sections 290.06, subdivision 1; 290.0921, subdivision 1.

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

Section 1.

Minnesota Statutes 2016, 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 of deleted text begin 9.8deleted text end new text begin 8.8new text end percent.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for taxable years beginning after December
31, 2017.
 new text end

Sec. 2.

Minnesota Statutes 2016, section 290.0921, subdivision 1, is amended to read:


Subdivision 1.

Tax imposed.

In addition to the taxes computed under this chapter without
regard to this section, the franchise tax imposed on corporations includes a tax equal to the
excess, if any, for the taxable year of:

(1) deleted text begin 5.8deleted text end new text begin 5.2new text end percent of Minnesota alternative minimum taxable income; over

(2) the tax imposed under section 290.06, subdivision 1, without regard to this section.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for taxable years beginning after December
31, 2017.
 new text end