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MN SF1046
Bill
Status
Introduced
2/6/2025
Primary Sponsor
Bill Weber
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AI Summary
- Amends Minnesota's railroad reconstruction tax credit (section 290.0695) to require eligible taxpayers to obtain a credit certificate from the commissioner of transportation before claiming the credit
- Credit certificates must be issued within 30 days of application and must state the miles of qualified railroad reconstruction and the total credit amount calculated
- Clarifies that transferred credits are limited to either the full unclaimed amount on the credit certificate or the entire credit carryover amount in each of the five succeeding taxable years
- Removes provision making transferees liable for repayment of excess credits in case of audit or assessment
- Effective retroactively for taxable years beginning after December 31, 2022
Legislative Description
Transfer and certification provisions modification
Last Action
Comm report: To pass and re-referred to Taxes
3/13/2025
Committee Referrals
Taxes3/13/2025
Transportation2/20/2025
Taxes2/6/2025
Full Bill Text
No bill text available