MN SF2503

Expands the small business investment credit program to include "qualified greater Minnesota businesses" located outside the metropolitan area, with their own certification requirements for headquarters and employee/payroll location in greater Minnesota.

Adds new definition of "immediate family member" (spouse, child, parent, brother, sister) and restricts qualified investors from being founders, officers, principals, or immediate family members of the business in which they invest.

Increases annual credit allocation from $12,000,000 to $15,000,000 for taxable years beginning after December 31, 2014, with $7,500,000 of the increase reserved for qualified greater Minnesota businesses and minority- or women-owned qualified small businesses.

Extends the program sunset date from December 31, 2014, to December 31, 2016, with reporting and revocation requirements extended through 2018-2021 depending on the entity type.

Modifies credit revocation requirements to reference employment and payroll standards for both standard qualified businesses and qualified greater Minnesota businesses separately.