.................... moves to amend H. F. No. 1812, the first engrossment, as follows:
Page 249, after line 9 insert:
"Sec. 30. Minnesota Statutes 2006, section 290.068, subdivision 1, is amended to read:
Subdivision 1. Credit allowed.
A corporation, other than a corporation treated as
an "S" corporation under section
, is allowed a credit against the portion of the
franchise tax computed under section
290.06, subdivision 1
, for the taxable year equal to
1.7 (a) 5 five
the first $2,000,000 of the excess (if any) of
the qualified research expenses for the taxable year
1.9 (2) the base amount; and
1.10 (b) 2.5 percent on all of such excess expenses over $2,000,000
1.11EFFECTIVE DATE.This section is effective for taxable years beginning after
1.12December 31, 2007.
Sec. 31. Minnesota Statutes 2006, section 290.068, subdivision 4, is amended to read:
Partnerships Allocation. (a)
In the case of partnerships and except as
1.15provided under paragraph (b),
the credit shall be allocated in the same manner provided by
section 41(f)(2) of the Internal Revenue Code.
1.17 (b) For a unitary business, as defined in section 290.17, subdivision 4, the business
1.18may allocate or transfer the credit of any entity under this section for the taxable year to
1.19another member of the unitary business.
1.20EFFECTIVE DATE.This section is effective for taxable years beginning after
1.21December 31, 2007.
Renumber the sections in sequence and correct the internal references
Amend the title accordingly