SF 3505

Introduction - 94th Legislature (2025 - 2026)

Posted on 05/11/2025 10:48 p.m.

A bill for an act
relating to taxation; income; providing a refundable credit for certain higher
education institutions that receive certain federal funding; 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 [290.0696] CREDIT FOR RECEIPT OF NATIONAL INSTITUTES OF
HEALTH FUNDING.
new text end

new text begin Subdivision 1. new text end

new text begin Credit allowed. new text end

new text begin An eligible institution is allowed a credit against the tax
imposed under this chapter equal to 25 percent of the amount of grants received from the
National Institutes of Health in the taxable year. For purposes of this section, "eligible
institution" means a public postsecondary educational institution as defined in section
136A.1465, subdivision 1, clause (4).
new text end

new text begin Subd. 2. new text end

new text begin Credit refundable. new text end

new text begin If the amount of credit that the taxpayer is eligible to receive
under this section exceeds the liability for tax under this chapter, the commissioner shall
refund the excess to the taxpayer.
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 refunds authorized under this
section is appropriated to the commissioner from the general fund.
new text end

new text begin Subd. 4. new text end

new text begin Manner of claiming. new text end

new text begin The commissioner shall prescribe the manner in which
the credit may be issued or claimed. This may include allowing the credit only as a separately
processed claim for refund.
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, 2024.
new text end