Loading chat...
MN SF3024
Bill
Status
Introduced
3/20/2023
Primary Sponsor
Carla Nelson
Click for details
AI Summary
- Creates a state income and corporate franchise tax credit equal to up to 100 percent of the federal advanced manufacturing investment credit under Internal Revenue Code section 48D for Minnesota-located facilities
- Credit is payable in the year qualified property is placed in service, with excess credit amounts refundable to taxpayers
- Requires taxpayers to be eligible for the federal credit and comply with commissioner-prescribed claiming procedures to qualify
- Credits are passed through to partners, members, shareholders, or owners of partnerships, LLCs, S corporations, and multiple-owner properties on a pro rata basis
- Applies retroactively to qualified property placed in service after December 31, 2022, for construction beginning before January 1, 2027, with the credit expiring for property construction beginning after December 31, 2026
Legislative Description
Minnesota Advanced Manufacturing Investment Tax Credit authorization
Last Action
Referred to Taxes
3/20/2023
Committee Referrals
Taxes3/20/2023
Full Bill Text
No bill text available