MN HF3419

Creates a tax credit for businesses equal to ten percent of total Minnesota payroll for the taxable year, less the total Minnesota payroll for 2009, minus $24,000 multiplied by the number of full-time equivalent employees employed in the current year compared to the last day of 2009.

Defines "full-time equivalent employees" as annualized expected hours of work equal to 2,080 hours, but only counting employees with annual wages exceeding $24,000.

Limits the credit to the business's tax liability under Minnesota Statutes sections 290.0921 and 290.0922.

Allows excess credits that exceed the liability limitation to carry forward to each of the four succeeding taxable years, with carryforwards applied first to the earliest eligible taxable years.

Effective for taxable years beginning after December 31, 2009.