Minnesota Legislature
HF 62
as introduced - 89th Legislature (2015 - 2016) Posted on 02/06/2015 08:13am
Bill Text Versions
| Engrossments | ||
|---|---|---|
| Introduction | Posted on 01/12/2015 |
Current Version - as introduced
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1.15 1.16
A bill for an act
relating to taxation; income and corporate franchise; extending the research
credit to sole proprietors; amending Minnesota Statutes 2014, section 290.068,
subdivision 1.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Section 1.
Minnesota Statutes 2014, section 290.068, subdivision 1, is amended to read:
Subdivision 1.
Credit allowed.
A corporation, deleted text begin partners in a partnership, or
shareholders in a corporation treated as an "S" corporation under section 290.9725 aredeleted text end new text begin
individual, trust, or estate isnew text end allowed a credit against the tax computed under this chapter
for the taxable year equal to:
(a) ten 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) 2.5 percent on all of such excess expenses over $2,000,000.
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