AN ACT RELATING TO TAXATION -- BUSINESS CORPORATION TAX

House Bill 5403 proposes to repeal the state's corporation minimum tax. This change would directly affect all corporations, including certain small businesses, that are currently required to pay this minimum amount. The bill specifically removes the provision in state law that mandates a minimum tax payment, which is currently set at $400 for tax years beginning on or after January 1, 2017. If enacted, corporations would no longer be subject to this baseline tax.