1.1    .................... moves to amend H.F. No. 60 as follows:
1.2Page 1, line 11, delete "6.85" and insert "6.55"
1.3Page 1, line 19, delete "6.85" and insert "6.55"
1.4Page 2, line 1, delete "6.85" and insert "6.55"
1.5Page 3, after line 2, insert:

1.6    "Sec. 3. Minnesota Statutes 2006, section 290.091, subdivision 2, is amended to read:
1.7    Subd. 2. Definitions. For purposes of the tax imposed by this section, the following
1.8terms have the meanings given:
1.9    (a) "Alternative minimum taxable income" means the sum of the following for
1.10the taxable year:
1.11    (1) the taxpayer's federal alternative minimum taxable income as defined in section
1.1255(b)(2) of the Internal Revenue Code;
1.13    (2) the taxpayer's itemized deductions allowed in computing federal alternative
1.14minimum taxable income, but excluding:
1.15    (i) the charitable contribution deduction under section 170 of the Internal Revenue
1.16Code:
1.17    (A) for taxable years beginning before January 1, 2006, to the extent that the
1.18deduction exceeds 1.0 percent of adjusted gross income;
1.19    (B) for taxable years beginning after December 31, 2005, to the full extent of the
1.20deduction.
1.21    For purposes of this clause, "adjusted gross income" has the meaning given in
1.22section 62 of the Internal Revenue Code;
1.23    (ii) the medical expense deduction;
1.24    (iii) the casualty, theft, and disaster loss deduction; and
1.25    (iv) the impairment-related work expenses of a disabled person;
1.26    (3) for depletion allowances computed under section 613A(c) of the Internal
1.27Revenue Code, with respect to each property (as defined in section 614 of the Internal
2.1Revenue Code), to the extent not included in federal alternative minimum taxable income,
2.2the excess of the deduction for depletion allowable under section 611 of the Internal
2.3Revenue Code for the taxable year over the adjusted basis of the property at the end of the
2.4taxable year (determined without regard to the depletion deduction for the taxable year);
2.5    (4) to the extent not included in federal alternative minimum taxable income, the
2.6amount of the tax preference for intangible drilling cost under section 57(a)(2) of the
2.7Internal Revenue Code determined without regard to subparagraph (E);
2.8    (5) to the extent not included in federal alternative minimum taxable income, the
2.9amount of interest income as provided by section 290.01, subdivision 19a, clause (1); and
2.10    (6) the amount of addition required by section 290.01, subdivision 19a, clauses
2.11(7), (8), and (9);
2.12    less the sum of the amounts determined under the following:
2.13    (1) interest income as defined in section 290.01, subdivision 19b, clause (1);
2.14    (2) an overpayment of state income tax as provided by section 290.01, subdivision
2.1519b , clause (2), to the extent included in federal alternative minimum taxable income;
2.16    (3) the amount of investment interest paid or accrued within the taxable year on
2.17indebtedness to the extent that the amount does not exceed net investment income, as
2.18defined in section 163(d)(4) of the Internal Revenue Code. Interest does not include
2.19amounts deducted in computing federal adjusted gross income; and
2.20    (4) amounts subtracted from federal taxable income as provided by section 290.01,
2.21subdivision 19b , clauses (9) to (16).
2.22    In the case of an estate or trust, alternative minimum taxable income must be
2.23computed as provided in section 59(c) of the Internal Revenue Code.
2.24    (b) "Investment interest" means investment interest as defined in section 163(d)(3)
2.25of the Internal Revenue Code.
2.26    (c) "Tentative minimum tax" equals 6.4 six percent of alternative minimum taxable
2.27income after subtracting the exemption amount determined under subdivision 3.
2.28    (d) "Regular tax" means the tax that would be imposed under this chapter (without
2.29regard to this section and section 290.032), reduced by the sum of the nonrefundable
2.30credits allowed under this chapter.
2.31    (e) "Net minimum tax" means the minimum tax imposed by this section.
2.32EFFECTIVE DATE.This section is effective for taxable years beginning after
2.33December 31, 2006.

2.34    Sec. 4. Minnesota Statutes 2006, section 290.091, subdivision 6, is amended to read:
3.1    Subd. 6. Credit for prior years' liability. (a) A credit is allowed against the tax
3.2imposed by this chapter on individuals, trusts, and estates equal to the minimum tax
3.3credit for the taxable year. The minimum tax credit equals the adjusted net minimum
3.4tax for taxable years beginning after December 31, 1988, reduced by the minimum tax
3.5credits allowed in a prior taxable year. The credit may not exceed the excess (if any) for
3.6the taxable year of
3.7    (1) the regular tax, over
3.8    (2) the greater of (i) the tentative alternative minimum tax, or (ii) zero.
3.9    (b) The adjusted net minimum tax for a taxable year equals the lesser of the net
3.10minimum tax or the excess (if any) of
3.11    (1) the tentative minimum tax, over
3.12    (2) 6.4 six percent of the sum of
3.13    (i) adjusted gross income as defined in section 62 of the Internal Revenue Code,
3.14    (ii) interest income as defined in section 290.01, subdivision 19a, clause (1),
3.15    (iii) interest on specified private activity bonds, as defined in section 57(a)(5) of the
3.16Internal Revenue Code, to the extent not included under clause (ii),
3.17    (iv) depletion as defined in section 57(a)(1), determined without regard to the last
3.18sentence of paragraph (1), of the Internal Revenue Code, less
3.19    (v) the deductions allowed in computing alternative minimum taxable income
3.20provided in subdivision 2, paragraph (a), clause (2) of the first series of clauses and clauses
3.21(1), (2), and (3) of the second series of clauses, and
3.22    (vi) the exemption amount determined under subdivision 3.
3.23    In the case of an individual who is not a Minnesota resident for the entire year,
3.24adjusted net minimum tax must be multiplied by the fraction defined in section 290.06,
3.25subdivision 2c , paragraph (e). In the case of a trust or estate, adjusted net minimum tax
3.26must be multiplied by the fraction defined under subdivision 4, paragraph (b).
3.27EFFECTIVE DATE.This section is effective for taxable years beginning after
3.28December 31, 2006."
3.29Renumber the sections in sequence and correct the internal references
3.30Amend the title accordingly