MN SF2767

Extends the small business investment credit program by removing the January 1, 2015 expiration date, allowing $12,000,000 in credits to be allocated per taxable year indefinitely.

Qualified investors receive a 25 percent tax credit on qualified investments in small businesses, with annual allocation limits of $250,000 for married couples filing jointly and $125,000 for other filers.

Unallocated credits from any taxable year carry forward to subsequent years until fully distributed.

Applications for tax credits must be submitted to the commissioner for approval within 15 days, and qualifying investments must be made within 60 days of credit allocation or the allocation is canceled.

Credit certificates are issued upon investment notification and remain valid only if the investor maintains the investment for at least three years, except in cases of worthlessness, asset sale, business sale, or public stock listing.