Minnesota Legislature
HF 310
as introduced - 86th Legislature (2009 - 2010) Posted on 02/09/2010 01:35am
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A bill for an act
relating to taxation; income and corporate; increasing the research credit and
appropriating money for the biotechnology credit; amending Minnesota Statutes
2008, sections 290.068, subdivision 1; 469.335.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Section 1.
Minnesota Statutes 2008, section 290.068, subdivision 1, is amended to read:
Subdivision 1.
Credit allowed.
A corporation, other than a corporation treated as
an "S" corporation under section 290.9725, is allowed a credit against the portion of the
franchise tax computed under section 290.06, subdivision 1, for the taxable year equal
todeleted text begin : (a) 5deleted text end new text begin six new text end percent deleted text begin of the first $2,000,000deleted text end of the excess (if any) of
(1) the qualified research expenses for the taxable year, over
(2) the base amountdeleted text begin ; and
deleted text end
deleted text begin (b) 2.5 percent on all of such excess expenses over $2,000,000deleted text end .
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective for taxable years beginning after
December 31, 2008.
new text end
Sec. 2.
Minnesota Statutes 2008, section 469.335, is amended to read:
469.335 APPLICATION FOR TAX BENEFITS.
(a) To claim a tax credit or exemption against a state tax under section 469.336, a
business must apply to the commissioner for a tax credit certificate. As a condition of its
application, the business must agree to furnish information to the commissioner that is
sufficient to verify the eligibility for any credits or exemptions claimed. The total amount
of the state tax credits and exemptions allowed for the specified period may not exceed the
amount of the tax credit certificates provided by the commissioner to the business. The
commissioner must verify to the commissioner of revenue the amount of tax exemptions
or credits for which each business is eligible.
(b) A tax credit certificate issued under this section may specify the particular tax
exemptions or credits against a state tax that the qualified business is eligible to claim
under section 469.336, and the amount of each exemption or credit allowed.
(c) The commissioner may issue deleted text begin $1,000,000deleted text end new text begin $2,000,000 new text end of tax credits or exemptions
in fiscal year deleted text begin 2004deleted text end new text begin 2010new text end . Any tax credits or exemptions not awarded in fiscal year deleted text begin 2004deleted text end
new text begin 2010 new text end may be awarded in fiscal year deleted text begin 2005deleted text end new text begin 2011new text end .
(d) A qualified business must use the tax credits or tax exemptions granted under
this section by the later of the end of the state fiscal year or the taxpayer's tax year in
which the credits or exemptions are granted.
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective the day following final enactment.
new text end