HF3302 Summary

• Creates angel investment tax credit allowing qualified taxpayers and investment networks to claim 25 percent credit on investments up to $125,000 annually in qualified small businesses engaged in high-technology or green manufacturing innovation in Minnesota.

• Establishes Minnesota Business Investment Company Credit program providing 80 percent tax credit on designated capital investments in qualified businesses, with aggregate limit of $100,000,000 and requirements for 35-50 percent investment thresholds within specified timeframes.

• Modifies income and corporate franchise tax provisions by reducing corporate tax rates from 9.8 percent to 7.8 percent by 2014, adjusting individual tax brackets, and adding various deductions for education expenses, military compensation, organ donations, and small business stock gains.

• Reforms civil litigation procedures by limiting private consumer fraud claims to actual out-of-pocket losses, restricting class action interlocutory appeals, reducing product liability statute of limitations from four to three years, and limiting merchant actions to three years.

• Modifies environmental permitting requirements for disposal systems and pollution discharges, streamlines environmental impact statement procedures for major governmental actions, and exempts certain small animal feedlot facilities from environmental review.