SF 236

as introduced - 89th Legislature (2015 - 2016) Posted on 01/22/2015 08:24am

A bill for an act
relating to taxation; income; providing a credit for certain medical device
payments; appropriating money; proposing coding for new law in Minnesota
Statutes, chapter 290.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

new text begin [290.0693] MEDICAL DEVICE TAX CREDIT.
new text end

new text begin Subdivision 1. new text end

new text begin Credit allowed. new text end

new text begin A taxpayer is allowed a credit against the tax
imposed by this chapter in the amount of the medical device tax paid in the taxable year
pursuant to section 4191(a) of the Internal Revenue Code.
new text end

new text begin Subd. 2. new text end

new text begin Credit to be refundable. new text end

new text begin If the amount of credit allowed in this section
exceeds the taxpayer's tax liability under this chapter, the commissioner shall refund
the excess amount.
new text end

new text begin Subd. 3. new text end

new text begin Appropriation. new text end

new text begin An amount sufficient to pay the refund required by this
section is appropriated to the commissioner from the general fund.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for taxable years beginning after
December 31, 2014.
new text end