as introduced - 91st Legislature (2019 - 2020) Posted on 02/14/2019 03:22pm
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:
Minnesota Statutes 2018, section 290.068, subdivision 1, is amended to read:
A corporation, deleted text begin partners in a partnership, or shareholders
in a corporation treated as an "S" corporation under section 290.9725 aredeleted text end new text begin individual, trust,
or estate isnew 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
This section is effective for taxable years beginning after December
31, 2018.
new text end