Minnesota SF3505 authorizes a refundable tax credit for public postsecondary institutions receiving NIH grants.

Minnesota SF3505 establishes a refundable tax credit for public postsecondary educational institutions that receive grants from the National Institutes of Health. The credit amounts to 25 percent of the NIH grant received in the taxable year. If the credit exceeds the institution's tax liability, the excess is refunded by the commissioner. The commissioner is also responsible for determining how the credit can be claimed. This provision becomes effective for taxable years starting after December 31, 2024.

Minnesota SF3505 authorizes a refundable tax credit for public postsecondary institutions receiving NIH grants.

Minnesota SF3505 establishes a refundable tax credit for public postsecondary educational institutions that receive grants from the National Institutes of Health. The credit amounts to 25 percent of the NIH grant received in the taxable year. If the credit exceeds the institution's tax liability, the excess is refunded by the commissioner. The commissioner is also responsible for determining how the credit can be claimed. This provision becomes effective for taxable years starting after December 31, 2024.