as introduced - 80th Legislature (1997 - 1998) Posted on 12/15/2009 12:00am
Engrossments | ||
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Introduction | Posted on 03/13/1997 |
1.1 A bill for an act 1.2 relating to taxation; corporate franchise; increasing 1.3 the rate of the research credit; amending Minnesota 1.4 Statutes 1996, section 290.068, subdivision 1. 1.5 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 1.6 Section 1. Minnesota Statutes 1996, section 290.068, 1.7 subdivision 1, is amended to read: 1.8 Subdivision 1. [CREDIT ALLOWED.] A corporation, other than 1.9 a corporation with a valid election in effect under section 1362 1.10 of the Internal Revenue Code, is allowed a credit against the 1.11 portion of the franchise tax computed under section 290.06, 1.12 subdivision 1, for the taxable year equal to: 1.13 (a)57.5 percent of the first $2 million of the excess (if 1.14 any) of 1.15 (1) the qualified research expenses for the taxable year, 1.16 over 1.17 (2) the base amount; and 1.18 (b)2.53.75 percent on all of such excess expenses over $2 1.19 million. 1.20 Sec. 2. [EFFECTIVE DATE.] 1.21 Section 1 is effective for taxable years beginning after 1.22 December 31, 1996.