Bill > SF2835

This bill establishes a Minnesota Corporate Headquarters Credit designed to incentivize large corporations to locate or maintain their headquarters in Minnesota. The bill creates a tax credit program for qualified corporations that 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. Corporations can receive a credit equal to the lesser of 10% of eligible employee wages (up to $20,000 per employee) or 60% of their eligible expenses in the first year, with the ability to claim the employee wage credit amount for up to ten years until the total maximum credit amount is reached. To qualify, corporations must apply for certification with the commissioner, who will review their application and verify ongoing compliance. Corporations must submit annual reports demonstrating they continue to meet the program's requirements, and beginning in 2028, the commissioner must provide an annual report to the legislature detailing the credits issued. The credit is refundable, meaning if the credit amount exceeds the corporation's tax liability, the excess will be refunded. The program becomes effective for taxable years beginning after December 31, 2025, and aims to attract and retain large corporate headquarters in Minnesota by providing significant financial incentives.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF2835&ssn=0&y=2025