Bill Text: MN HF11 | 2011-2012 | 87th Legislature | Introduced

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Bill Title: Research tax credit increased for corporations.

Spectrum: Bipartisan Bill

Status: (Introduced - Dead) 2011-03-10 - Author added Doepke [HF11 Detail]

Download: Minnesota-2011-HF11-Introduced.html

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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) ten 12.5 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) 2.5 five percent on all of such excess expenses over $2,000,000.
EFFECTIVE DATE.This section is effective for taxable years beginning after
December 31, 2010.