MN HF89

Increases annual small business investment tax credit allocation from $15,000,000 to $20,000,000 per taxable year for 2014-2016, and establishes $10,000,000 annually for 2017-2018 before making the credit permanent thereafter.

Adds definitions for "priority business" (qualified small businesses in municipalities not certified for local government aid) and establishes priority allocation periods: January 1 through August 31 for reserved credits and January 1 through September 30 for unreserved credits.

Requires businesses to state the Minnesota municipality or municipalities where qualified investments will be used, and mandates the Commissioner of Revenue provide the Commissioner with a list of municipalities certified to receive local government aid by October 1 each year.

Modifies credit allocation to reserve 50 percent for qualifying investments in greater Minnesota businesses and minority- or women-owned qualified small businesses, with unused reserved credits becoming available October 1.

Repeals the sunset provision (subdivision 12) that previously expired the credit program for taxable years after December 31, 2017, making the small business investment tax credit permanent while maintaining reporting and revocation requirements through specified years.