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MN SF2545
Bill
Status
Introduced
3/22/2012
Primary Sponsor
Doug Magnus
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AI Summary
- Increases the small business investment tax credit allocation to $25,000,000 for taxable years beginning after December 31, 2011, and before January 1, 2013
- Maintains the 25 percent tax credit rate for qualified investments in qualified small businesses by qualified investors or qualified funds
- Establishes that after 2012, the credit allocation returns to $12,000,000 per year for taxable years beginning after December 31, 2012, and before January 1, 2015
- Preserves existing provisions requiring investments to be made within 60 days of credit allocation and maintained for at least three years, with exceptions for worthless investments, asset sales, business sales, or public stock offerings
- Applies effective for taxable years beginning after December 31, 2011
Legislative Description
Small business investment tax credit for 2012 increase authorization
Last Action
Referred to Jobs and Economic Growth
3/22/2012
Committee Referrals
Jobs and Economic Growth3/22/2012
Full Bill Text
No bill text available