1.1 	A bill for an act
1.2 	relating to taxation; corporate franchise; reducing rates;amending Minnesota 
1.3 	Statutes 2018, sections 290.06, subdivision 1; 290.0921, subdivision 1.
1.4 	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.5 	Section 1. Minnesota Statutes 2018, section 290.06, subdivision 1, is amended to read:
1.6 		Subdivision 1.Computation, corporations. The franchise tax imposed upon corporations 
1.7 	shall be computed by applying to their taxable income the rate of 9.8 8.8 percent.

1.8 	EFFECTIVE DATE. This section is effective for taxable years beginning after December 
1.9 	31, 2018.

1.10 	Sec. 2. Minnesota Statutes 2018, section 290.0921, subdivision 1, is amended to read:
1.11 		Subdivision 1.Tax imposed. In addition to the taxes computed under this chapter without 
1.12 	regard to this section, the franchise tax imposed on corporations includes a tax equal to the 
1.13 	excess, if any, for the taxable year of:
1.14 	(1) 5.8 5.2 percent of Minnesota alternative minimum taxable income; over
1.15 	(2) the tax imposed under section 290.06, subdivision 1, without regard to this section.

1.16 	EFFECTIVE DATE. This section is effective for taxable years beginning after December 
1.17 	31, 2018.