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MN SF2488

Bill

Official Source

Status

Introduced

3/10/2014

Primary Sponsor

Terri Bonoff

Click for details

Origin

Senate

88th Legislature 2013-2014

AI Summary

  • Extends the research tax credit to sole proprietors, individuals, trusts, and estates in addition to corporations, partnerships, and S corporations.

  • Allows a credit of 10 percent on the first $2,000,000 of qualified research expenses exceeding the base amount.

  • Applies a reduced credit rate of 2.5 percent on qualified research expenses exceeding $2,000,000.

  • Effective for taxable years beginning after December 31, 2013.

Legislative Description

Income and franchise tax research tax credit extension to sole proprietors

Last Action

Referred to Taxes

3/10/2014

Committee Referrals

Taxes3/10/2014

Full Bill Text

No bill text available