Bill > HF2336

This bill establishes a new tax credit program for large corporations that maintain or relocate their corporate headquarters to Minnesota. To qualify, a corporation must have worldwide revenues of at least $250 million, employ at least 250 eligible employees at their Minnesota headquarters, and invest a minimum of $10 million in relocation or renovation expenses. The tax credit allows corporations to claim up to 10% of eligible employee wages (up to $20,000 per employee) or 60% of their eligible expenses, whichever is less. Eligible expenses include moving costs, equipment purchases, building improvements, property development, and employee training expenses. Corporations must apply for certification through the commissioner of employment and economic development and submit annual reports proving they continue to meet the program's requirements. The credit can be claimed for up to ten years, and if the credit amount exceeds the corporation's tax liability, the excess will be refunded. Starting in 2028, the commissioner must provide an annual report to the legislature detailing the credits issued, total eligible expenses, and the program's effectiveness. The tax credit program will be effective for taxable years beginning after December 31, 2025.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF2336&ssn=0&y=2025