The bill proposes an amendment to Minnesota Statutes 2022, specifically section 290.06, subdivision 1, which pertains to the corporate franchise tax. The current tax rate of 9.8% will be reduced to 8.25% for corporations, thereby lowering the tax burden on corporate entities in the state.

Additionally, the bill includes an effective date stipulation, indicating that the new tax rate will apply to taxable years beginning after December 31, 2023. This change aims to provide financial relief to corporations operating in Minnesota, potentially encouraging business growth and investment in the state.

Statutes affected:
Introduction: 290.06