MN SF4393

Increases the small business investment credit from $5,000,000 to $12,000,000 for taxable years beginning after December 31, 2021, and before January 1, 2023.

Establishes $5,000,000 annual credit allocation for taxable years beginning after December 31, 2022, and before January 1, 2031.

Extends the sunset date for the small business investment credit program from December 31, 2022, to December 31, 2030, with reporting and revocation requirements extended through 2032-2034.

Maintains the 25 percent credit rate for qualified investments and the 50 percent allocation requirement for greater Minnesota businesses and minority-owned, women-owned, or veteran-owned small businesses.

Makes changes effective retroactively for taxable years beginning after December 31, 2021.