15-31-121. Rate of tax -- minimum tax -- distribution of revenue.
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/mt/title-15/chapter-31/part-1/15-31-121·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
15-31-121 . Rate of tax -- minimum tax -- distribution of revenue.
(1)Except as provided in subsection (2), the percentage of net income to be paid under 15-31-101 is 6 3/4% of all net income for the tax period.
(2)For a taxpayer making a water's-edge election, the percentage of net income to be paid under 15-31-101 is 7% of all taxable net income for the tax period.
(3)Each corporation subject to taxation under this part shall pay a minimum tax of not less than $50.