Minnesota SF3301 phases out individual income tax and corporate tax.

Minnesota SF3301 reduces individual income tax and corporate tax by phasing them out. It outlines various tax credits, deductions, and limitations applicable to different types of income and entities. Key provisions include credits for organ donations, military service, and education expenses, as well as deductions for certain losses and expenses. The bill also details rules for apportionment, allocation, and the treatment of different types of income and entities, including partnerships, S corporations, and trusts.

Minnesota SF3301 phases out individual income tax and corporate tax.

Minnesota SF3301 reduces individual income tax and corporate tax by phasing them out. It outlines various tax credits, deductions, and limitations applicable to different types of income and entities. Key provisions include credits for organ donations, military service, and education expenses, as well as deductions for certain losses and expenses. The bill also details rules for apportionment, allocation, and the treatment of different types of income and entities, including partnerships, S corporations, and trusts.