Minnesota HF173 modifies the research credit for income and corporate franchise tax by excluding qualified research conducted outside the state and.

Minnesota HF173 amends the state's income and corporate franchise tax laws to modify the research credit. It excludes qualified research conducted outside Minnesota and introduces an alternative simplified credit election for corporations, partnerships, and other taxpayers. The bill defines "qualified research expenses" to include expenses and payments defined in the Internal Revenue Code, excluding those for research conducted outside Minnesota. It also defines "qualified research" to exclude research conducted outside the state.

Minnesota HF173 modifies the research credit for income and corporate franchise tax by excluding qualified research conducted outside the state and.

Minnesota HF173 amends the state's income and corporate franchise tax laws to modify the research credit. It excludes qualified research conducted outside Minnesota and introduces an alternative simplified credit election for corporations, partnerships, and other taxpayers. The bill defines "qualified research expenses" to include expenses and payments defined in the Internal Revenue Code, excluding those for research conducted outside Minnesota. It also defines "qualified research" to exclude research conducted outside the state.