Minnesota HF1697 modifies transfer and certification provisions for individual income and corporate franchise tax credits for Class II and III.

Minnesota HF1697 amends the transfer and certification provisions for tax credits related to qualified railroad reconstruction or replacement expenditures. Class II and III railroads in Minnesota can apply for a credit certificate from the commissioner of transportation. The credit certificate must be issued within 30 days of the application. The eligible taxpayer and transferee must jointly file a written transfer agreement within 30 days of the transfer. The transferee is liable for repayment of credits claimed in excess of the allowed amount.

Minnesota HF1697 modifies transfer and certification provisions for individual income and corporate franchise tax credits for Class II and III.

Minnesota HF1697 amends the transfer and certification provisions for tax credits related to qualified railroad reconstruction or replacement expenditures. Class II and III railroads in Minnesota can apply for a credit certificate from the commissioner of transportation. The credit certificate must be issued within 30 days of the application. The eligible taxpayer and transferee must jointly file a written transfer agreement within 30 days of the transfer. The transferee is liable for repayment of credits claimed in excess of the allowed amount.