.................... moves to amend H. F. No. 1812, the first engrossment, as follows:
Page 249, after line 9, insert:
"Section 30. Minnesota Statutes 2006, section 290.06, is amended by adding a
subdivision to read:
1.5 Subd. 1b. Special corporate rate. (a) Notwithstanding the provisions of
1.6subdivision 1, the franchise tax imposed on a qualified corporation for the taxable year
1.7must be computed by applying to its taxable income the rate of 8.8 percent.
1.8 (b) For purposes of this subdivision, a "qualified corporation" is a corporation
1.9that was certified by the commissioner of employment and economic development as
1.10increasing the number of its full-time equivalent employees in the state of Minnesota
1.11by at least 500 during the calendar year ending during its previous taxable year. The
1.12commissioner of employment and economic development shall establish an application
1.13and certification procedure to verify the required increase in employment positions and
1.14shall notify the commissioner of each qualified corporation for each taxable year in the
1.15manner and by the time the commissioner prescribes. A certified corporation is not a
1.16qualified corporation for the taxable year unless its total Minnesota payroll, as defined in
1.17section 290.191, subdivision 12, increased by the greater of (1) $12,500,000 or (2) one
1.18percent over the amount reported in the previous taxable year.
1.19EFFECTIVE DATE.This section is effective for taxable years beginning after
1.20December 31, 2008.
Renumber the sections in sequence and correct the internal references
Amend the title accordingly