SF951

SF951 (Legislative Session 94 (2025-2026))

Corporate alternative minimum tax rate calculation reduction provision

AI Generated Summary

This bill proposes to reduce the corporate franchise tax rate in Minnesota. Originally, the tax rate was set at 9.8%. The bill outlines a gradual decrease in this rate over several years: - For taxable years starting before January 1, 2025, the rate remains at 9.8%. - For taxable years starting between January 1, 2025, and December 31, 2025, the rate will be lowered to 9.3%. - For taxable years starting between January 1, 2026, and December 31, 2026, the rate will further drop to 9.05%. - For taxable years starting on January 1, 2027, and thereafter, the rate will be 8.8%.

This legislative change aims to progressively decrease the tax burden on corporations in Minnesota over the coming years.

Bill text versions

Introduction PDF file

Actions

Date	Chamber	Where	Type	Name	Committee Name
February 02, 2025	Senate	Floor	Action	Introduction and first reading
February 02, 2025	Senate	Floor	Action	Referred to	Taxes

Citations

[
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "This bill modifies the corporate franchise tax rate under section 290.06.",
      "modified": [
        "Changes the tax rate applicable to corporations for different taxable years."
      ]
    },
    "citation": "290.06"
  }
]