US Laws, Codes, Statutes & Cases

     290.02 Franchise tax on corporations measured by net 
  income. 

    An annual franchise tax on the exercise of the corporate 
 franchise to engage in contacts with this state that produce 
 gross income attributable to sources within this state is 
 imposed upon every corporation that so exercises its franchise 
 during the taxable year.  

    Contacts within this state do not include transportation in 
 interstate or foreign commerce, or both, by means of ships 
 navigating within or through waters that are made international 
 for navigation purposes by any treaty or agreement to which the 
 United States is a party. 

    The tax so imposed is measured by the corporations' taxable 
 income and alternative minimum taxable income for the taxable 
 year for which the tax is imposed, and computed in the manner 
 and at the rates provided in this chapter. 

    HIST: (2394-2) 1933 c 405 s 2; Ex1937 c 49 s 2; 1947 c 635 s 
 2; 1974 c 556 s 18; 1975 c 349 s 7; 1976 c 2 s 102; 1982 c 523 
 art 1 s 4; 1987 c 268 art 1 s 24; 1Sp1989 c 1 art 10 s 9 

Copyright 2005 by the Office of Revisor of Statutes, State of Minnesota.