Minnesota Legislature
SF 11
as introduced - 87th Legislature (2011 - 2012) Posted on 02/23/2012 08:07am
Current Version - as introduced
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A bill for an act
relating to taxation; reducing the corporate tax rate; eliminating credits and
subtractions; amending Minnesota Statutes 2010, section 290.06, subdivision 1;
repealing Minnesota Statutes 2010, sections 290.01, subdivision 19d; 290.06,
subdivisions 24, 27, 30, 31; 290.068, subdivisions 1, 2, 3, 4, 5, 6a, 7; 290.21,
subdivisions 1, 4; 469.339.
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 of deleted text begin 9.8deleted text end new text begin 3.1new text end
percent.
new text begin EFFECTIVE DATE. new text end
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This section is effective for taxable years beginning after
December 31, 2011.
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Sec. 2. new text begin REVISOR'S INSTRUCTION.
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The revisor of statutes shall make any cross-reference changes, language changes, or
both, to Minnesota Statutes made necessary by section 3.
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Sec. 3. new text begin REPEALER.
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Minnesota Statutes 2010, sections 290.01, subdivision 19d; 290.06, subdivisions
24, 27, 30, and 31; 290.068, subdivisions 1, 2, 3, 4, 5, 6a, and 7; 290.21, subdivisions 1
and 4; and 469.339,
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are repealed.
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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, 2011.
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