2006 Minnesota Statutes

469.317 CORPORATE FRANCHISE TAX EXEMPTION.
(a) A qualified business is exempt from taxation under section 290.02, the alternative
minimum tax under section 290.0921, and the minimum fee under section 290.0922, on the portion
of its income attributable to operations within the zone. This exemption is determined as follows:
(1) for purposes of the tax imposed under section 290.02, by multiplying its taxable net
income by its zone percentage and by its relocation payroll percentage and subtracting the result
in determining taxable income;
(2) for purposes of the alternative minimum tax under section 290.0921, by multiplying
its alternative minimum taxable income by its zone percentage and by its relocation payroll
percentage and reducing alternative minimum taxable income by this amount; and
(3) for purposes of the minimum fee under section 290.0922, by excluding property and
payroll in the zone from the computations of the fee or by exempting the entity under section
290.0922, subdivision 2, clause (7).
(b) No subtraction is allowed under this section in excess of 20 percent of the sum of the
corporation's job opportunity building zone payroll and the adjusted basis of the property at the
time that the property is first used in the job opportunity building zone by the corporation.
(c) This section applies only to taxable years beginning during the duration of the job
opportunity building zone.
History: 1Sp2003 c 21 art 1 s 22; 1Sp2005 c 3 art 7 s 15