Bill > SF793

This bill modifies the research credit in Minnesota's income and corporate franchise tax. It amends the definition of "base amount" for calculating the research credit, providing an alternative simplified credit option where the base amount is 50% of the average qualified Minnesota research expenses for the three preceding taxable years. The bill also allows partnerships to make this election on their partnership return, and the election is irrevocable for the taxable year. These changes are effective for taxable years beginning after December 31, 2022.