MN HF2429

Establishes a corporate franchise tax benefit certificate transfer program allowing new or expanding technology and biotechnology companies in Minnesota to surrender unused net operating loss carryovers in exchange for private financial assistance from corporate taxpayers.

Limits annual transfers to $60,000,000 of tax benefits per fiscal year, with individual companies capped at $15,000,000 lifetime value; prioritizes smaller applicants with $250,000 or less in transferable benefits.

Requires participating technology/biotechnology companies to have fewer than 250 U.S. employees, maintain Minnesota headquarters, own proprietary intellectual property, and meet minimum employee thresholds based on incorporation age (1-10 full-time employees depending on years in operation).

Prohibits companies with positive net operating income in the previous two years or those at least 50 percent owned by profitable corporations from participating in the program.

Recipients of financial assistance must maintain a Minnesota headquarters or base of operations for five years following assistance receipt, or face recapture of tax benefits; effective for taxable years beginning after December 31, 2011.