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MN HF3271
Bill
Status
Introduced
3/1/2010
Primary Sponsor
Michael Obermueller
Click for details
AI Summary
- Extends the research credit to individual income tax by amending Minnesota Statutes 2008, section 290.068, subdivisions 1, 3, and 4
- Allows individuals a credit equal to 10 percent of the first $2,000,000 of excess qualified research expenses over a base amount, and 2.5 percent on excess expenses over $2,000,000
- Limits credit for partners in partnerships and shareholders in S corporations to the lesser of the amount determined under the formula or the tax attributable to their allocable portion of taxable income from the entity
- Permits unused research credits to carry forward to each of the 15 succeeding taxable years, with carryover amounts not exceeding the taxpayer's liability for tax less the current year research credit
- Credit allocation for partnerships and S corporations follows the method provided in sections 41(f)(2) and 41(g) of the Internal Revenue Code
- Effective for taxable years beginning after December 31, 2009
Legislative Description
Research credit extended to individual income tax.
Last Action
House: Author added Obermueller
4/21/2010
Committee Referrals
Taxes3/1/2010
Full Bill Text
No bill text available