SF 1668 Summary

• Increases the annual tax credit allocation limit from $15,000,000 to $20,000,000 per taxable year for qualified investors and funds investing in small businesses.

• Makes the small business investment tax credit permanent by repealing the sunset provision that was set to expire after December 31, 2017.

• Allocates 50 percent of credits to qualifying investments in greater Minnesota businesses and minority- or women-owned qualified small businesses, with priority given January 1 through August 31 to priority businesses (those in municipalities not receiving local government aid).

• Adds definitions for priority businesses, minority group members, women-owned businesses, and other terms; requires businesses to state which Minnesota municipality will use the qualified investment in their application.

• Requires the commissioner of revenue to provide a list by October 1 annually of municipalities certified to receive local government aid to support the priority business designation.