MN HF3049

Creates a technology transfer corporate tax exemption for corporations licensing qualified technology to qualified small businesses in Minnesota.

Defines "qualified small business" as a business with headquarters in Minnesota, less than $2,000,000 in gross annual receipts, at least 51 percent of employees and payroll in Minnesota, and operating for no more than five years.

Exempts royalties received from technology transfer licensing agreements from Minnesota corporate income tax for up to ten years or until $10,000,000 in royalties are received, whichever occurs first.

Requires licensing agreements to grant exclusive rights for at least five years and take effect on or after January 1, 2013, subject to commissioner of employment and economic development approval.

Effective for taxable years beginning after December 31, 2012.