MN SF2390

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

Sets eligibility requirements for participating technology and biotechnology companies, including headquarters in Minnesota, proprietary intellectual property, fewer than 250 employees, and specified minimum full-time employees in the state based on incorporation age.

Limits annual tax benefit transfers to $60,000,000 per fiscal year, with allocation methodology prioritizing applicants with smaller transferable tax benefits and capping lifetime individual company surrenders at $15,000,000.

Requires acquiring corporate taxpayers to provide private financial assistance equal to at least 75 percent of surrendered tax benefits and enter written agreements with participating companies regarding use of funds for operations, real estate, working capital, and research and development.

Establishes recapture rules for tax benefits if companies fail to use assistance as required or abandon their Minnesota headquarters or base of operations within five years, except in cases of company liquidation.