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Bill > HF1561
MN HF1561
MN HF1561Corporate franchise tax rate reduced, and rate used to calculate application of corporate alternative minimum tax reduced.
summary
Introduced
02/09/2023
02/09/2023
In Committee
02/09/2023
02/09/2023
Crossed Over
Passed
Dead
05/20/2024
05/20/2024
Introduced Session
93rd Legislature 2023-2024
Bill Summary
A bill for an act relating to taxation; reducing the corporate franchise tax rate; reducing the rate used to calculate application of the corporate alternative minimum tax; amending Minnesota Statutes 2022, sections 290.06, subdivision 1; 290.0921, subdivision 1.
AI Summary
This bill reduces the corporate franchise tax rate in Minnesota over a three-year period, with the rate decreasing from 9.8% to 8.8% for taxable years beginning after December 31, 2024. It also reduces the rate used to calculate the application of the corporate alternative minimum tax, with the rate decreasing from 5.8% to 5.2% for taxable years beginning after December 31, 2024. These changes are intended to provide tax relief for corporations operating in Minnesota.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Introduction and first reading, referred to Taxes (on 02/09/2023)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF1561&ssn=0&y=2023 |
| BillText | https://www.revisor.mn.gov/bills/text.php?number=HF1561&version=0&session=ls93&session_year=2023&session_number=0&format=pdf |
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