Minnesota bill SF951 reduces corporate franchise tax rates and the corporate alternative minimum tax rate.

SF951 amends Minnesota Statutes to lower the corporate franchise tax rate and the rate used to calculate the corporate alternative minimum tax. The corporate franchise tax rate will decrease from 9.8 percent to 8.8 percent over four years. The corporate alternative minimum tax rate will decrease from 5.8 percent to 5.2 percent over the same period. These changes will take effect for taxable years beginning after December 31, 2024.

Minnesota bill SF951 reduces corporate franchise tax rates and the corporate alternative minimum tax rate.

SF951 amends Minnesota Statutes to lower the corporate franchise tax rate and the rate used to calculate the corporate alternative minimum tax. The corporate franchise tax rate will decrease from 9.8 percent to 8.8 percent over four years. The corporate alternative minimum tax rate will decrease from 5.8 percent to 5.2 percent over the same period. These changes will take effect for taxable years beginning after December 31, 2024.