Bill Text: MN SF11 | 2011-2012 | 87th Legislature | Introduced
Bill Title: Corporate income tax rate reduction; credits and subtractions elimination
Spectrum: Partisan Bill (Democrat 3-0)
Status: (Introduced - Dead) 2011-01-20 - Author added Rest [SF11 Detail]
Download: Minnesota-2011-SF11-Introduced.html
1.2relating to taxation; reducing the corporate tax rate; eliminating credits and
1.3subtractions;amending Minnesota Statutes 2010, section 290.06, subdivision 1;
1.4repealing Minnesota Statutes 2010, sections 290.01, subdivision 19d; 290.06,
1.5subdivisions 24, 27, 30, 31; 290.068, subdivisions 1, 2, 3, 4, 5, 6a, 7; 290.21,
1.6subdivisions 1, 4; 469.339.
1.7BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.8 Section 1. Minnesota Statutes 2010, section 290.06, subdivision 1, is amended to read:
1.9 Subdivision 1. Computation, corporations. The franchise tax imposed upon
1.10corporations shall be computed by applying to their taxable income the rate of9.8 3.1
1.11percent.
1.12EFFECTIVE DATE.This section is effective for taxable years beginning after
1.13December 31, 2011.
1.14 Sec. 2. REVISOR'S INSTRUCTION.
1.15The revisor of statutes shall make any cross-reference changes, language changes, or
1.16both, to Minnesota Statutes made necessary by section 3.
1.17 Sec. 3. REPEALER.
1.18Minnesota Statutes 2010, sections 290.01, subdivision 19d; 290.06, subdivisions
1.1924, 27, 30, and 31; 290.068, subdivisions 1, 2, 3, 4, 5, 6a, and 7; 290.21, subdivisions 1
1.20and 4; and 469.339, are repealed.
1.21EFFECTIVE DATE.This section is effective for taxable years beginning after
1.22December 31, 2011.
1.3subtractions;amending Minnesota Statutes 2010, section 290.06, subdivision 1;
1.4repealing Minnesota Statutes 2010, sections 290.01, subdivision 19d; 290.06,
1.5subdivisions 24, 27, 30, 31; 290.068, subdivisions 1, 2, 3, 4, 5, 6a, 7; 290.21,
1.6subdivisions 1, 4; 469.339.
1.7BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.8 Section 1. Minnesota Statutes 2010, section 290.06, subdivision 1, is amended to read:
1.9 Subdivision 1. Computation, corporations. The franchise tax imposed upon
1.10corporations shall be computed by applying to their taxable income the rate of
1.11percent.
1.12EFFECTIVE DATE.This section is effective for taxable years beginning after
1.13December 31, 2011.
1.14 Sec. 2. REVISOR'S INSTRUCTION.
1.15The revisor of statutes shall make any cross-reference changes, language changes, or
1.16both, to Minnesota Statutes made necessary by section 3.
1.17 Sec. 3. REPEALER.
1.18Minnesota Statutes 2010, sections 290.01, subdivision 19d; 290.06, subdivisions
1.1924, 27, 30, and 31; 290.068, subdivisions 1, 2, 3, 4, 5, 6a, and 7; 290.21, subdivisions 1
1.20and 4; and 469.339, are repealed.
1.21EFFECTIVE DATE.This section is effective for taxable years beginning after
1.22December 31, 2011.
