Minnesota R&D Tax Credit Summary
R&D Tax Credit Available
Credit for Increasing Research
DOES IT APPLY TO C-CORPS & PASS THROUGHS?
Yes, but not to Sole Proprietorships
Nonrefundable credit with similar definitions as federal for Qualified Research Expenses and Qualified Research Activities except only include Minnesota-based expenses.
10% on first $2 million of incremental expenses; 4% on incremental expenses in excess of $2 million.