MN SF4010

Commissioner of revenue must reduce individual income tax rates and corporate franchise tax rate by 0.1% if conditions are met based on November forecasts of general fund revenues and expenditures

For even-numbered year forecasts: revenues must exceed expenditures (excluding carryforward amounts) at close of next biennium and subsequent biennium by amount greater than revenue reduction from rate cuts

For odd-numbered year forecasts: revenues must exceed expenditures (excluding carryforward amounts) at close of current biennium and subsequent biennium by amount greater than revenue reduction from rate cuts

Rate reductions from even-numbered year forecasts are effective for taxable years beginning one year after January 1 of the year following the forecast year; reductions from odd-numbered year forecasts are effective for taxable years beginning January 1 of the year following the forecast year

Total reductions under this subdivision shall not exceed 1% for each rate; commissioner of revenue must publish new tax rates in State Register at least 30 days before going into effect