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MN SF2023
Bill
Status
2/21/2023
Primary Sponsor
Carla Nelson
Click for details
AI Summary
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Corporate franchise tax rate reduces from 9.8 percent to 9.3 percent for taxable years beginning after December 31, 2022, declining further to 9.05 percent in 2024, and reaching 8.8 percent for taxable years beginning after December 31, 2024.
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Corporate alternative minimum tax rate reduces from 5.8 percent to 5.5 percent for taxable years beginning after December 31, 2022, declining further to 5.35 percent in 2024, and reaching 5.2 percent for taxable years beginning after December 31, 2024.
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Both tax rate reductions are phased in over three years, with initial changes effective for taxable years beginning after December 31, 2022.
Legislative Description
Corporate franchise tax rate reduction
Last Action
Referred to Taxes
2/21/2023