as introduced - 81st Legislature (1999 - 2000) Posted on 12/15/2009 12:00am
1.1 A bill for an act 1.2 relating to taxation; corporate franchise tax; 1.3 increasing the rate of the research credit; amending 1.4 Minnesota Statutes 1998, section 290.068, subdivision 1.5 1. 1.6 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 1.7 Section 1. Minnesota Statutes 1998, section 290.068, 1.8 subdivision 1, is amended to read: 1.9 Subdivision 1. [CREDIT ALLOWED.] A corporation, other than 1.10 a corporation treated as an "S" corporation under section 1.11 290.9725, is allowed a credit against the portion of the 1.12 franchise tax computed under section 290.06, subdivision 1, for 1.13 the taxable year equal to: 1.14 (a)510 percent of the first $2,000,000 of the excess (if 1.15 any) of 1.16 (1) the qualified research expenses for the taxable year, 1.17 over 1.18 (2) the base amount; and 1.19 (b)2.55 percent on all of such excess expenses over 1.20 $2,000,000. 1.21 Sec. 2. [EFFECTIVE DATE.] 1.22 Section 1 is effective for taxable years beginning after 1.23 December 31, 1998.