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I-3 - Taxation Act
Section 776.46
Disposition versions
776.46. An individual’s minimum tax for a taxation year is equal to the aggregate of the amount that the individual is required to add to the individual’s tax payable for the year under this Part in accordance with section 766.3.2 and the amount determined by the formula
A × (B - C) - D.
In the formula provided for in the first paragraph,
(a) A is a rate of
i. 22%, where the taxation year is the year 2000,
ii. 20.75%, where the taxation year is the year 2001,
iii. 20%, where the taxation year is the year 2002;
iv. 16%, where the taxation year is subsequent to the year 2002 and precedes the year 2017,
v. 15%, where the taxation year is subsequent to the year 2016 and precedes the year 2023, and
vi. 14%, where the taxation year is the year 2023 or a subsequent year;
(b) the letter B represents the adjusted taxable income of the individual for the year determined under Title IV;
(c) the letter C represents
i. in the case of an individual (other than a trust) or a succession that is a graduated rate estate, $40,000, and
ii. in any other case, an amount equal to zero; and
(d) the letter D represents his basic minimum tax deduction for the year determined under section 776.65;
(e) (subparagraph repealed).
776.46. An individual’s minimum tax for a taxation year is equal to the aggregate of the amount that the individual is required to add to the individual’s tax payable for the year under this Part in accordance with section 766.3.2 and the amount determined by the formula
A × (B - C) - D.
In the formula provided for in the first paragraph,
(a) A is a rate of
i. 22%, where the taxation year is the year 2000,
ii. 20.75%, where the taxation year is the year 2001,
iii. 20%, where the taxation year is the year 2002;
iv. 16%, where the taxation year is subsequent to the year 2002 and precedes the year 2017, and
v. 15%, where the taxation year is the year 2017 or a subsequent year;
(b) the letter B represents the adjusted taxable income of the individual for the year determined under Title IV;
(c) the letter C represents
i. in the case of an individual (other than a trust) or a succession that is a graduated rate estate, $40,000, and
ii. in any other case, an amount equal to zero; and
(d) the letter D represents his basic minimum tax deduction for the year determined under section 776.65;
(e) (subparagraph repealed).
776.46. An individual’s minimum tax for a taxation year is equal to the aggregate of the amount that the individual is required to add to the individual’s tax payable for the year under this Part in accordance with section 766.3.2 and the amount determined by the formula
A × (B - C) - D.
In the formula provided for in the first paragraph,
(a) A is a rate of
i. 22%, where the taxation year is the year 2000,
ii. 20.75%, where the taxation year is the year 2001,
iii. 20%, where the taxation year is the year 2002, and;
iv. 16%, where the taxation year is the year 2003 or a subsequent year;
(b) the letter B represents the adjusted taxable income of the individual for the year determined under Title IV;
(c) the letter C represents
i. in the case of an individual (other than a trust) or a succession that is a graduated rate estate, $40,000, and
ii. in any other case, an amount equal to zero; and
(d) the letter D represents his basic minimum tax deduction for the year determined under section 776.65;
(e) (subparagraph repealed).
776.46. An individual’s minimum tax for a taxation year is equal to the aggregate of the amount that the individual is required to add to the individual’s tax payable for the year under this Part in accordance with section 766.3.2 and the amount determined by the formula
A × (B - C) - D.
In the formula provided for in the first paragraph,
(a) A is a rate of
i. 22%, where the taxation year is the year 2000,
ii. 20.75%, where the taxation year is the year 2001,
iii. 20%, where the taxation year is the year 2002, and;
iv. 16%, where the taxation year is the year 2003 or a subsequent year;
(b) the letter B represents the adjusted taxable income of the individual for the year determined under Title IV;
(c) the letter C represents his basic exemption for the year determined under section 776.47;
(d) the letter D represents his basic minimum tax deduction for the year determined under section 776.65;
(e) (subparagraph repealed).
776.46. An individual’s minimum tax for a taxation year is equal to the amount determined by the formula
A × (B − C) − D + E.
In the formula provided for in the first paragraph,
(a) A is a rate of
i. 22%, where the taxation year is the year 2000,
ii. 20.75%, where the taxation year is the year 2001,
iii. 20%, where the taxation year is the year 2002, and;
iv. 16%, where the taxation year is the year 2003 or a subsequent year;
(b) the letter B represents the adjusted taxable income of the individual for the year determined under Title IV;
(c) the letter C represents his basic exemption for the year determined under section 776.47;
(d) the letter D represents his basic minimum tax deduction for the year determined under section 776.65;
(e) the letter E represents an amount that the individual is required to add to the individual’s tax payable for the year under this Part in accordance with section 766.17.
