Taxes on Business Income in Minnesota

April 13, 2006

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As in every other state, the state of Minnesota has various types of taxes. All of these tax laws are full of exceptions and extremely specific requirements. Below we have gone through the major types of tax that affect small businesses. Our intent is to give you a general understanding of when the various taxes will apply to you and what they will mean to your business.

Franchise tax is required from most foreign corporations doing business in Minnesota.
Income tax on business income computed based upon corporate taxable net income, is required in Minnesota.
Personal income tax, based on a person's income, ranges from 5.35 percent to 7.85 percent of taxable income in Minnesota.