Bill Text: MN HF206 | 2013-2014 | 88th Legislature | Introduced
Bill Title: Research tax credit computation modified.
Spectrum: Partisan Bill (Republican 5-0)
Status: (Introduced - Dead) 2013-01-28 - Introduction and first reading, referred to Taxes [HF206 Detail]
Download: Minnesota-2013-HF206-Introduced.html
1.2relating to taxation; income and corporate franchise; modifying the computation
1.3of the research credit; amending Minnesota Statutes 2012, section 290.068,
1.4subdivision 1.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. Minnesota Statutes 2012, section 290.068, subdivision 1, is amended to read:
1.7 Subdivision 1. Credit allowed. (a) A corporation, partners in a partnership, or
1.8shareholders in a corporation treated as an "S" corporation under section290.9725 are
1.9allowed a credit against the tax computed under this chapter for the taxable year equal to
1.10 the sum of the amount of:
1.11(1) the tier one credit under paragraph (b); and
1.12(2) the tier two credit under paragraph (c).
1.13(b) The tier one credit equals ten percent of the first $2,000,000 of qualified research
1.14expenses for the taxable year.
1.15(a) ten (c) The tier two credit equals 2.5 percent of the first $2,000,000 of the excess
1.16(if any) for the taxable year of qualified research expenses over the greater of:
1.17 (1) the qualified research expensesfor the taxable year, over used to calculate the
1.18tier one credit; or
1.19 (2) the base amount; and
1.20(b) 2.5 percent on all of such excess expenses over $2,000,000.
1.21EFFECTIVE DATE.This section is effective for taxable years beginning after
1.22December 31, 2012.
1.3of the research credit; amending Minnesota Statutes 2012, section 290.068,
1.4subdivision 1.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. Minnesota Statutes 2012, section 290.068, subdivision 1, is amended to read:
1.7 Subdivision 1. Credit allowed. (a) A corporation, partners in a partnership, or
1.8shareholders in a corporation treated as an "S" corporation under section
1.9allowed a credit against the tax computed under this chapter for the taxable year equal to
1.10 the sum of the amount of:
1.11(1) the tier one credit under paragraph (b); and
1.12(2) the tier two credit under paragraph (c).
1.13(b) The tier one credit equals ten percent of the first $2,000,000 of qualified research
1.14expenses for the taxable year.
1.15
1.16(if any) for the taxable year of qualified research expenses over the greater of:
1.17 (1) the qualified research expenses
1.18tier one credit; or
1.19 (2) the base amount
1.20
1.21EFFECTIVE DATE.This section is effective for taxable years beginning after
1.22December 31, 2012.