Minnesota Governor's Budget includes repeal of FOC regime, numerous corporate franchise and sales tax proposals

Minnesota Governor Mark Dayton on February 15, 2011 released the outline of his biennial budget proposal, including a wide range of tax measures intended to help bridge the state's budget deficit, estimated at over $6 billion. While among the more controversial of the proposals are higher individual income tax rates and a temporary surtax, numerous corporate franchise tax, sales and use tax, and other miscellaneous tax proposals are of special concern to certain business taxpayers.