HF 1963

as introduced - 88th Legislature (2013 - 2014) Posted on 02/25/2014 02:08pm

A bill for an act
relating to taxation; income and franchise; extending the research credit to sole
proprietors; amending Minnesota Statutes 2012, section 290.068, subdivision 1.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2012, 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 are
deleted text end new text begin individual, trust, or estate is new 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, 2013.
new text end