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Minnesota Legislature

Office of the Revisor of Statutes

SF 1233

as introduced - 91st Legislature (2019 - 2020) Posted on 02/14/2019 03:22pm

KEY: stricken = removed, old language.
underscored = added, new language.

Current Version - as introduced

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A bill for an act
relating to taxation; income and corporate franchise; extending the research credit
to sole proprietors; amending Minnesota Statutes 2018, section 290.068, subdivision
1.

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

Section 1.

Minnesota Statutes 2018, section 290.068, subdivision 1, is amended to read:


Subdivision 1.

Credit allowed.

A corporation, deleted text beginpartners in a partnership, or shareholders
in a corporation treated as an "S" corporation under section 290.9725 are
deleted text endnew 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) four 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, 2018.
new text end