Minnesota Legislature
SF 1762
as introduced - 93rd Legislature (2023 - 2024) Posted on 02/17/2023 09:52am
Current Version - as introduced
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A bill for an act
relating to taxation; individual income; corporate franchise; allowing a state
subtraction for certain research and experimental expenditures disallowed federally;
amending Minnesota Statutes 2022, sections 290.0131, by adding a subdivision;
290.0132, by adding a subdivision; 290.0133, by adding a subdivision; 290.0134,
by adding a subdivision.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Section 1.
Minnesota Statutes 2022, section 290.0131, is amended by adding a subdivision
to read:
new text begin Subd. 21. new text end
new text begin Amortization of research and experimental expenditures. new text end
new text begin
The amount of
the amortization deduction under section 174(a)(2)(B) of the Internal Revenue Code is an
addition.
new text end
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective for taxable years beginning after December
31, 2022.
new text end
Sec. 2.
Minnesota Statutes 2022, section 290.0132, is amended by adding a subdivision
to read:
new text begin Subd. 34. new text end
new text begin Research and experimental expenditures. new text end
new text begin
The amount of expenditures
charged to a capital account under section 174(a)(2)(A) of the Internal Revenue Code is a
subtraction.
new text end
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective for taxable years beginning after December
31, 2022.
new text end
Sec. 3.
Minnesota Statutes 2022, section 290.0133, is amended by adding a subdivision
to read:
new text begin Subd. 16. new text end
new text begin Amortization of research and experimental expenditures. new text end
new text begin
The amount of
the amortization deduction under section 174(a)(2)(B) of the Internal Revenue Code is an
addition.
new text end
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective for taxable years beginning after December
31, 2022.
new text end
Sec. 4.
Minnesota Statutes 2022, section 290.0134, is amended by adding a subdivision
to read:
new text begin Subd. 21. new text end
new text begin Research and experimental expenditures. new text end
new text begin
The amount of expenditures
charged to a capital account under section 174(a)(2)(A) of the Internal Revenue Code is a
subtraction.
new text end
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective for taxable years beginning after December
31, 2022.
new text end