MN SF1874

Reinstates the small business investment tax credit allowing qualified investors and qualified funds to claim a credit equal to 25 percent of qualified investments in qualified small businesses.

Allocates $10,000,000 in credits for taxable years 2023-2026 (increased from $5,000,000 for 2022), with 50 percent reserved for investments in greater Minnesota businesses and minority-owned, women-owned, or veteran-owned businesses.

Sets individual investor credit limits at $250,000 for married couples filing jointly and $125,000 for other filers, with a maximum of $1,000,000 in credits per qualified small business across all taxable years.

Extends the sunset date for the credit program from December 31, 2022 to December 31, 2026, with reporting and revocation requirements remaining in effect through 2028-2030 depending on investor type.

Revives and reenacts expired provisions of Minnesota Statutes sections 116J.8737 and 290.0692 retroactively, effective the day following final enactment.