MN SF1237

Amends Minnesota's research and development tax credit (Section 290.068) to create a new "alternative simplified credit election" option for calculating the base amount used to determine the credit

Under the alternative method, taxpayers can calculate their base amount as 50% of their average qualified Minnesota research expenses for the three preceding taxable years

Corporations, partnerships, and other qualifying taxpayers may elect the alternative calculation method on their tax return, but the election is irrevocable for that taxable year

For partnerships, the election must be made on the partnership return and automatically applies to all partners

Effective for taxable years beginning after December 31, 2024