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Minnesota Legislature

Office of the Revisor of Statutes

SF 1024

as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am

KEY: stricken = removed, old language.
underscored = added, new language.
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A bill for an act
relating to taxation; increasing the amount of tax
credits or exemptions that may be awarded in a
biotechnology and health sciences industry zone;
amending Minnesota Statutes 2004, section 469.335.

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

Section 1.

Minnesota Statutes 2004, 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, clauses (2) through (5), 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, clauses (2) through (5), and the amount of each
exemption or credit allowed.

(c) The commissioner may issue $1,000,000 of tax credits or
exemptions in fiscal year 2004. Any tax credits or exemptions
not awarded in fiscal year 2004 may be awarded in fiscal year
2005. new text beginThe commissioner may issue $2,000,000 of tax credits or
exemptions in fiscal year 2006. Any tax credits or exemptions
not awarded in fiscal year 2006 may be awarded in fiscal year
2007.
new 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