MN SF9

Establishes a temporary tax credit for qualifying taxpayers (places of public accommodation closed by Executive Order No. 20-04 or operating at reduced capacity under Executive Order No. 20-74) against taxes imposed under Minnesota Statutes, chapter 290.

Credit amount equals a taxpayer's tax liability multiplied by the taxpayer's annual average reduced capacity, calculated using the lowest monthly capacity level during each month of reduced operations divided by the number of months subject to the executive order, then multiplied by the number of months affected divided by 12.

Taxpayers must certify their average annual reduced capacity, average monthly reduced capacity, and executive order impact quotient to the commissioner of revenue to claim the credit.

Credits granted to partnerships, limited liability companies taxed as partnerships, S corporations, and multiple-owner entities are passed through to partners, members, shareholders, or owners pro rata based on their asset share or as specially allocated in organizational documents.

Credit cannot exceed the taxpayer's tax liability, with any excess amount canceled and not allowed as a carryover; effective for taxable years beginning after December 31, 2019, and before January 1, 2021.