Minnesota Legislature
HF 11
as introduced - 87th Legislature (2011 - 2012) Posted on 01/10/2011 10:33am
Bill Text Versions
| Engrossments | ||
|---|---|---|
| Introduction | Posted on 01/10/2011 |
Current Version - as introduced
1.5 1.6 1.7 1.8 1.9 1.10 1.11 1.12
1.13 1.14
A bill for an act
relating to taxation; increasing the research credit; amending Minnesota Statutes
2010, section 290.068, subdivision 1.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Section 1.
Minnesota Statutes 2010, section 290.068, subdivision 1, is amended to read:
Subdivision 1.
Credit allowed.
A corporation, partners in a partnership, or
shareholders in a corporation treated as an "S" corporation under section 290.9725 are
allowed a credit against the tax computed under this chapter for the taxable year equal to:
(a) deleted text begin tendeleted text end new text begin 12.5new text end 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) deleted text begin 2.5deleted text end new text begin fivenew text end 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, 2010.
new text end