Bill Text: MN HF991 | 2011-2012 | 87th Legislature | Introduced
Bill Title: Corporate franchise tax rate reduced.
Spectrum: Slight Partisan Bill (Republican 3-1)
Status: (Introduced - Dead) 2011-03-14 - Author added Lohmer [HF991 Detail]
Download: Minnesota-2011-HF991-Introduced.html
1.2relating to taxation; corporate franchise; reducing rate;amending Minnesota
1.3Statutes 2010, section 290.06, subdivision 1.
1.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.5 Section 1. Minnesota Statutes 2010, section 290.06, subdivision 1, is amended to read:
1.6 Subdivision 1. Computation, corporations. The franchise tax imposed upon
1.7corporations shall be computed by applying to their taxable income the rate of9.8 8.99
1.8 percent.
1.9EFFECTIVE DATE.This section is effective for taxable years beginning after
1.10December 31, 2010.
1.3Statutes 2010, section 290.06, subdivision 1.
1.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.5 Section 1. Minnesota Statutes 2010, section 290.06, subdivision 1, is amended to read:
1.6 Subdivision 1. Computation, corporations. The franchise tax imposed upon
1.7corporations shall be computed by applying to their taxable income the rate of
1.8 percent.
1.9EFFECTIVE DATE.This section is effective for taxable years beginning after
1.10December 31, 2010.
