469.326 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 international economic development
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 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 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 (8).
(b) No subtraction is allowed under this section in excess of 20 percent of the sum of the
corporation's international economic development zone payroll and the adjusted basis of the zone
property at the time that the property is first used in the international economic development
zone by the corporation.
(c) This section applies only to tax years beginning during the duration of the international
economic development zone.
History: 1Sp2005 c 3 art 10 s 19