MN SF1155

Modifies Minnesota tax law to clarify transfer and certification provisions for railroad tax credits related to maintenance, reconstruction, or replacement of railroad infrastructure by Class II and Class III railroads.

Adds definition of "transfer credit certificate" issued by the commissioner of revenue to a transferee who receives a transferred credit through written agreement.

Limits credit transfers to the unused, remaining portion of the credit, either as a single amount stated in the credit certificate or as entire carryover amounts in each of five succeeding taxable years.

Requires eligible taxpayers and transferees to jointly file written transfer agreements with the commissioner within 30 days, specifying parties' identification, taxable year of expenditures, transferred amount, and years the credit may be claimed.

Effective retroactively for taxable years beginning after December 31, 2022, and establishes that an eligible taxpayer may not transfer a credit to a transferee more than once in a taxable year.