1.1.................... moves to amend H.F. No. 2757, the first engrossment, as follows:
1.2Page 6, after line 32, insert:
1.3 "Sec. ....
SMALL BUSINESS TAX CREDIT; TAX YEAR 2022.
1.4(a) A taxpayer that is a qualifying small business is retroactively allowed a credit
against
1.5the tax due under Minnesota Statutes, chapter 290, for a tax year beginning after
December
1.631, 2021, and before January 1, 2023. The credit may not exceed a taxpayer's liability
for
1.7tax. The amount allocated to the credit is $14,800,000. For purposes of this section,
1.8"qualifying small business" has the meaning determined by the commissioner of revenue,
1.9which the commissioner must make by July 1, 2024, by using, referencing, or modifying
1.10any existing definition or criteria under state or federal law for categorizing a
business as
1.11a small business. Applications for the credit must be made available beginning July
1, 2024,
1.12on a first-come, first-served basis, until the full amount of the allocation is used,
or by
1.13another method as determined by the commissioner. The commissioner must determine
the
1.14maximum credit amount per taxpayer and any other provision relating to the credit
the
1.15commissioner deems necessary to fairly administer or give effect to this section,
including
1.16adjusting all necessary forms and instructions for the taxable year affected by the
credit.
1.17All provisions of Minnesota Statutes, chapter 290, not inconsistent with this section,
apply
1.18to the credit allowed under this section.
1.19EFFECTIVE DATE.This section is effective the day following final enactment, for
1.20taxable years beginning after December 31, 2021, and before January 1, 2023."
1.21Renumber the sections in sequence and correct the internal references
1.22Amend the title accordingly