Bill > SF951

This bill reduces the corporate franchise tax rate and the corporate alternative minimum tax rate in Minnesota over a phased approach from 2025 to 2027. Specifically, the corporate franchise tax rate will decrease from 9.8% to 9.3% in 2025, then to 9.05% in 2026, and finally to 8.8% in 2027. Similarly, the corporate alternative minimum tax rate will be reduced from 5.8% to 5.5% in 2025, then to 5.35% in 2026, and finally to 5.2% in 2027. These changes are designed to lower the tax burden on corporations operating in Minnesota, potentially making the state more attractive for business investment and economic development. The new tax rates will apply to taxable years beginning after December 31, 2024, providing a gradual and predictable reduction in corporate tax rates over a three-year period.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF0951&ssn=0&y=2025