HF3627 Summary

• Reduces the corporate franchise tax rate from 9.8% to 9.4% for taxable years beginning after December 31, 2011.

• Repeals the Job Opportunity Building Zone (JOBZ) program effective January 1, 2011, eliminating associated tax exemptions and credits for qualified businesses in designated zones.

• Repeals previous JOBZ-related provisions including exemptions from income, franchise, and property taxes, and eliminates the jobs credit available to JOBZ businesses.

• Allows qualified businesses to void existing business subsidy agreements for obligations after June 30, 2010, without repaying tax benefits already received.

• Makes various technical changes to Minnesota tax code including modifications to taxable income definitions, alternative minimum taxable income calculations, and apportionment formulas for businesses.