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MN SF3311
Bill
Status
Introduced
4/7/2025
Primary Sponsor
Erin Maye Quade
Click for details
AI Summary
- Establishes Minnesota's corporate franchise tax rate as the greater of 9.8% or a contingent rate calculated based on federal tax changes
- Triggers an automatic state tax rate increase if Congress reduces the federal corporate tax rate below the rate in effect as of March 23, 2025 (currently 21% under Public Law 115-97)
- Requires the Commissioner of Revenue to calculate the percentage decrease in the federal rate and increase Minnesota's 9.8% rate by that same percentage, rounded to the nearest twentieth of a percent
- Effective for taxable years beginning after December 31, 2024
- Amends Minnesota Statutes 2024, section 290.06, subdivision 1
Legislative Description
Corporate franchise tax rate contingent increase authorization
Last Action
Author stricken Port
4/23/2025
Committee Referrals
Taxes4/7/2025
Full Bill Text
No bill text available