Exempts minority depository institutions from the corporate franchise tax for a period of ten years

This bill exempts minority depository institutions - defined under federal law as institutions meeting specific criteria from the 1989 Financial Institution Reform Act - from paying the state's corporate franchise tax for ten years, starting from when they begin operations. The exemption applies to all taxes under the relevant tax article for businesses that qualify as minority depository institutions. It takes effect for tax years beginning on or after January 1, 2026. This policy change directly affects qualifying minority-owned financial institutions seeking to establish or expand operations in the state.