Bill Text: MN HF11 | 2011-2012 | 87th Legislature | Introduced
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
1.2relating to taxation; increasing the research credit; amending Minnesota Statutes
1.32010, section 290.068, subdivision 1.
1.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.5 Section 1. Minnesota Statutes 2010, section 290.068, subdivision 1, is amended to read:
1.6 Subdivision 1. Credit allowed. A corporation, partners in a partnership, or
1.7shareholders in a corporation treated as an "S" corporation under section290.9725 are
1.8allowed a credit against the tax computed under this chapter for the taxable year equal to:
1.9 (a)ten 12.5 percent of the first $2,000,000 of the excess (if any) of
1.10 (1) the qualified research expenses for the taxable year, over
1.11 (2) the base amount; and
1.12 (b)2.5 five percent on all of such excess expenses over $2,000,000.
1.13EFFECTIVE DATE.This section is effective for taxable years beginning after
1.14December 31, 2010.
1.32010, section 290.068, subdivision 1.
1.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.5 Section 1. Minnesota Statutes 2010, section 290.068, subdivision 1, is amended to read:
1.6 Subdivision 1. Credit allowed. A corporation, partners in a partnership, or
1.7shareholders in a corporation treated as an "S" corporation under section
1.8allowed a credit against the tax computed under this chapter for the taxable year equal to:
1.9 (a)
1.10 (1) the qualified research expenses for the taxable year, over
1.11 (2) the base amount; and
1.12 (b)
1.13EFFECTIVE DATE.This section is effective for taxable years beginning after
1.14December 31, 2010.
