MN HF1860

Establishes the Endow Minnesota program providing tax credits of up to 25 percent of contributions made to qualified community foundations for permanent endowment funds, with a maximum credit of $25,000 per taxpayer.

Limits aggregate tax credits to $2,000,000 per calendar year, with at least 10 percent reserved for endowment gifts of $30,000 or less until September 1, with credits allocated on a pro rata basis if multiple claims are filed on the same day.

Allows individuals, estates, trusts, corporations, and insurance companies to claim the tax credit against income and premiums taxes; credits may be carried over for up to 15 succeeding taxable years if they exceed tax liability.

Requires the Commissioner of Employment and Economic Development to register and certify qualified community foundations, develop an administration system, and report biennially to the legislature on the program's impact on job creation, community development, and wealth transfer.

Appropriates $50,000 annually to the Commissioner of Employment and Economic Development to administer the program, effective for taxable years beginning after December 31, 2013, through December 31, 2028.