MN HF2454

Reduces corporate franchise tax rate from 9.8% to 8.3% for taxable years beginning after December 31, 2011.

Expands definition of "domestic corporation" to include corporations incorporated in tax havens or with significant business activity/property in tax havens, subjecting them to Minnesota taxation.

Eliminates provisions related to foreign operating corporations, including deemed dividends and special deductions for interest and intangible expenses paid to foreign entities.

Accelerates shift to single-sales apportionment by 2014, eliminating property and payroll factors from the corporate tax apportionment formula.

Removes corporate franchise tax exemptions for job opportunity building zones, international economic development zones, and biotechnology/health sciences industry zones.