Bill > SF3505

This bill creates a new tax credit for public postsecondary educational institutions that receive grants from the National Institutes of Health (NIH), allowing these institutions to receive a tax credit equal to 25 percent of the NIH grants they receive in a given tax year. The credit is refundable, meaning that if the credit amount exceeds the institution's tax liability, the state will refund the difference. The bill specifically defines eligible institutions as public postsecondary educational institutions as defined in a related Minnesota statute. The Minnesota commissioner of revenue will be responsible for prescribing how institutions can claim this credit, which may involve submitting a separate refund claim. An appropriation from the general fund will be made to cover the cost of these refunds. The tax credit will take effect for taxable years beginning after December 31, 2024, which means it will first be available for the 2025 tax year. The purpose of this bill appears to be to provide financial support and incentives for public higher education institutions that receive significant federal research funding from the NIH.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF3505&ssn=0&y=2025