2007 Minnesota Statutes

290.02 FRANCHISE TAX ON CORPORATIONS MEASURED BY NET INCOME.
An annual franchise tax on the exercise of the corporate franchise to engage in contacts with
this state that produce gross income attributable to sources within this state is imposed upon every
corporation that so exercises its franchise during the taxable year.
Contacts within this state do not include transportation in interstate or foreign commerce,
or both, by means of ships navigating within or through waters that are made international for
navigation purposes by any treaty or agreement to which the United States is a party.
The tax so imposed is measured by the corporations' taxable income and alternative
minimum taxable income for the taxable year for which the tax is imposed, and computed in the
manner and at the rates provided in this chapter.
History: (2394-2) 1933 c 405 s 2; Ex1937 c 49 s 2; 1947 c 635 s 2; 1974 c 556 s 18; 1975 c
349 s 7; 1976 c 2 s 102; 1982 c 523 art 1 s 4; 1987 c 268 art 1 s 24; 1Sp1989 c 1 art 10 s 9