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S.F. No. 1449 - Corporate franchise tax and AMT rate reduction
 
Author: Senator Eric R. Pratt
 
Prepared By: Nora Pollock, Senate Counsel (651/297-8066)
 
Date: March 1, 2019



 

This bill reduces the corporate franchise tax rate by one percentage point from 9.8 percent to 8.8 percent. The bill also reduces the rate in the corporate alternative minimum tax (AMT) calculation from 5.8 percent to 5.2 percent. Corporations must calculate their tax under both the regular corporate franchise tax schedule and the AMT, which uses a broader tax base, and pay the higher of the two. Effective beginning in tax year 2019.

 
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