Authorizes a contingent increase in the corporate franchise tax rate in Minnesota if certain conditions are met.

This bill amends the corporate franchise tax rate in Minnesota, allowing for a contingent increase if the federal corporate tax rate decreases. For taxable years beginning after December 31, 2024, the tax rate will be the greater of 9.8 percent or the federal rate increased by a percentage equal to the percentage decrease in the federal rate. The commissioner must calculate this new rate and apply it to corporate taxable income.

Authorizes a contingent increase in the corporate franchise tax rate in Minnesota if certain conditions are met.

This bill amends the corporate franchise tax rate in Minnesota, allowing for a contingent increase if the federal corporate tax rate decreases. For taxable years beginning after December 31, 2024, the tax rate will be the greater of 9.8 percent or the federal rate increased by a percentage equal to the percentage decrease in the federal rate. The commissioner must calculate this new rate and apply it to corporate taxable income.