as introduced - 87th Legislature (2011 - 2012) Posted on 01/10/2011 10:33am
A bill for an act
relating to taxation; increasing the research credit; amending Minnesota Statutes
2010, section 290.068, subdivision 1.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Minnesota Statutes 2010, section 290.068, subdivision 1, is amended to read:
A corporation, partners in a partnership, or
shareholders in a corporation treated as an "S" corporation under section 290.9725 are
allowed a credit against the tax computed under this chapter for the taxable year equal to:
(a) deleted text begintendeleted text endnew text beginnew text end percent of the first $2,000,000 of the excess (if any) of
(1) the qualified research expenses for the taxable year, over
(2) the base amount; and
(b) deleted text begin2.5deleted text endnew text beginnew text end percent on all of such excess expenses over $2,000,000.
new text begin new text end