summary
Introduced
02/21/2023
02/21/2023
In Committee
02/21/2023
02/21/2023
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 proposes to gradually reduce the corporate franchise tax rate in Minnesota. Specifically, it would lower the rate from the current 9.8% to 9.3% for taxable years beginning after December 31, 2022 and before January 1, 2024, then to 9.05% for taxable years beginning after December 31, 2023 and before January 1, 2025, and finally to 8.8% for taxable years beginning after December 31, 2024 and onward. The bill also reduces the rate used to calculate the application of the corporate alternative minimum tax, starting at 5.5% for taxable years beginning after December 31, 2022 and gradually decreasing to 5.2% for taxable years beginning after December 31, 2024.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Referred to Taxes (on 02/21/2023)
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=Senate&f=SF2023&ssn=0&y=2023 |
| BillText | https://www.revisor.mn.gov/bills/text.php?number=SF2023&version=0&session=ls93&session_year=2023&session_number=0&format=pdf |
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