Bill > HF119

This bill modifies the research credit in Minnesota's income and corporate franchise tax laws. It amends the definition of "base amount" for the research credit to provide an alternative simplified calculation method, allowing taxpayers to use 50% of the average qualified Minnesota research expenses for the previous three years. The bill also allows corporations, partnerships, and other taxpayers to elect to use this alternative simplified credit calculation method when filing their returns. These changes are effective for taxable years beginning after December 31, 2022.