MN HF1502

Repeals the corporate alternative minimum tax (AMT) under Minnesota Statutes section 290.0921, subdivisions 1, 2, 3, 3a, 4, and 6, effective for taxable years beginning after December 31, 2020.

Eliminates the corporate minimum fee structure previously imposed under section 290.0922 and replaces it with a flat corporate franchise tax based on Minnesota property, payroll, and sales thresholds ranging from $0 for businesses under $1,020,000 to $10,210 for those with $40,820,000 or more.

Modifies the alternative minimum tax credit carryover provisions to limit credits only to qualified alternative minimum taxes paid in taxable years beginning before January 1, 2021.

Updates job opportunity building zone tax exemptions under section 469.317 to remove references to the repealed alternative minimum tax while preserving exemptions for the regular corporate franchise tax and the minimum fee.

Adjusts tax deduction and addition provisions to exclude the repealed alternative minimum tax from various income tax calculations and deduction limitations, effective for taxable years beginning after December 31, 2020.