Minnesota R&D Tax Credit Summary
MN R&D Tax Credit Available
C-Corporation, S-Corporations, LLCs, Partnerships
Deadline for Tax Filing
Due with Minnesota Tax Return
Data Required to Compute Credit
- Claim Period Qualified R&D Expenses (QREs)
- Gross Receipts for Prior 4 Years
MN R&D Credit Summary
The R&D tax credit equals:
- 10% of the first $2 million of qualifying expenses over the base amount, and 2.5% of expenses over $2 million
- Minnesota does not conform to the federal “Alternative Simplified Method.
- The credit is not refundable; it cannot exceed the tax liability
- QREs can include contributions to qualified nonprofit organizations that make grants to small, technologically innovative businesses in Minnesota during their early development stages.
MN Research Tax Credit