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Video instructions and help with filling out and completing Corporate alternative minimum tax repeal

Instructions and Help about Corporate alternative minimum tax repeal

So when we have a quorum Jerry Anderson will Palace file 3162 so members if you would take out 31 62 and I see it there's an a.1 amendment is that the author's amendment it is okay so we will take care of that when we actually have a quorum so welcome to the committee if you could please present your belt Thank You mr. chair on the authors amendment we make an adjustment to allow for recognition of the credits that corporations already have in place so that's what the amendment does but as far as the overall bill does as you know the federal tax conformity tax bill eliminated the corporate AMT tax and if Minnesota were to keep the corporate AMT tax it obviously would make it more challenging and difficult for our businesses to file their taxes which is opposite of what the intent was with the federal tax bill and so we're trying to just make that happen here in on the Minnesota side of things and that's it in a nutshell and I do have some testifiers mr. chair if you are ready for that thank you very much Jerry Anderson we will go to the first test fire Beth Badoon and we'll go on the sort of Bethenny and Jill Larson on a large net next ed lars Larson is there anyone else wish testify on behalf of the bill other than who I mentioned or with concerns the department on this bill okay thank you sir okay please state your name and who you represent for the record please Thank You mr. chair my name is Beth Gayden I represent the Minnesota Chamber of Commerce I want to thank the chair as well as chair Andersen for hearing this bill today we do think it's important when we're looking at your tax bill for this year I'm dealing especially with the federal tax conformity issue to get all the issues impacted by federal tax conformity on the table this is one when you looked at the revenue efrom the Department of Revenue the other day corporate AMT repite was not included in that eso we certainly wanted to get this bill on the table so you could see what what another item is that's impacted by the federal tax bill as was mentioned by chair Anderson this bill the federal tax bill did repeal corporate AMT at the federal level and we think it's important to repeal it at the state level as well so we're in strong support of this bill we would mention you know the corporate AMT does greatly increase the complexity of the tax system and we think this will be even more impaired apparent if we continue Minnesota's when the federal no longer has there's the corporate AMT at the state level is based on a lot of the federal definitions it uses the federal form to calculate Minnesota's tax if we no longer.

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