HF 363

as introduced - 86th Legislature (2009 - 2010) Posted on 02/09/2010 01:36am

A bill for an act
relating to taxation; corporate income tax rate; providing for a gradual phase out
of the corporate income tax rate beginning in 2010; amending Minnesota Statutes
2008, section 290.06, subdivision 1.

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

Section 1.

Minnesota Statutes 2008, section 290.06, subdivision 1, is amended to read:

Subdivision 1.

Computation, corporations.

new text begin (a) For taxable years beginning before
January 1, 2010, new text end the franchise tax imposed upon corporations shall be computed by
applying to their taxable income the rate of 9.8 percent.

new text begin (b) For taxable years beginning after December 31, 2009, the rate listed below
applies to taxable years beginning during the calendar year references below.
new text end

	new text begin Taxable years beginning during the calendar year: new text end	new text begin Tax rate: new text end
	new text begin 2010 new text end	new text begin 8.8 percent new text end
	new text begin 2011 new text end	new text begin 7.8 percent new text end
	new text begin 2012 new text end	new text begin 6.8 percent new text end
	new text begin 2013 new text end	new text begin 5.8 percent new text end
	new text begin 2014 new text end	new text begin 4.8 percent new text end
	new text begin 2015 new text end	new text begin 3.8 percent new text end
	new text begin 2016 new text end	new text begin 2.8 percent new text end
	new text begin 2017 new text end	new text begin 1.8 percent new text end
	new text begin 2018 new text end	new text begin 0.8 percent new text end
	new text begin 2019 and later years new text end	new text begin 0 new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for taxable years beginning after
December 31, 2009.
new text end