Minnesota R&D Tax Credit Summary

R&D Tax Credit Available

Yes

STATE

Minnesota

 

NAME

Credit for Increasing Research

DOES IT APPLY TO C-CORPS & PASS THROUGHS?

Yes, but not to Sole Proprietorships

DESCRIPTION

Nonrefundable credit with similar definitions as federal for Qualified Research Expenses and Qualified Research Activities except only include Minnesota-based expenses.

PERCENTAGE

10% on first $2 million of incremental expenses; 4% on incremental expenses in excess of $2 million.