Minnesota HF2723 modifies small business income tax investment credit requirements and extends credit allocation.
Minnesota HF2723 amends the state's tax code to modify the requirements for small business income tax investment credits and extends the credit allocation. The bill specifies that businesses must invest allocated credits within 60 days or lose them. It also extends the holding period for credits from three to five years. If a business fails to meet the holding period, it must repay a percentage of the credits based on the year following the investment.
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