MN HF2641

Eliminates the corporate franchise tax rate by setting it to zero for taxable years beginning after December 31, 2012, while maintaining a 9.8 percent rate for taxable years before that date.

Eliminates the alternative minimum tax on corporations for taxable years beginning after December 31, 2012, by reducing the 5.8 percent tax rate to zero.

Both amendments to the franchise tax and alternative minimum tax provisions are effective for taxable years beginning after December 31, 2012.

Directs the revisor of statutes to consult with the commissioner of revenue and prepare a bill for the 2013 legislative session to fully repeal the corporate franchise tax and adjust related cross-references throughout Minnesota Statutes.