Archive | April, 2014

Restoring the Shine to the Minnesota State R&D Tax Credit

Scott Schmidt testifies in front of MN Senate and House Finance Committee on the State's R&D Tax Credit

In the past 5 weeks, I have twice testified to the Minnesota House and Senate Finance Tax Committees on improving the Minnesota State R&D Tax Credit and restoring its status as one of the best state R&D Tax Credits in the country.

Starting January 1st of 2010, Minnesota made the state R&D Tax Credit refundable . The intent of making the credit refundable was to allow for immediate monetization of the credits when not able to otherwise be used, and thus freeing up money that’s able to be reinvested to grow the…

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Bipartisan Bill Offers Tax Credit To Help Startups Create Jobs

The Senate Finance Committee has passed bipartisan legislation to allow startup companies and small businesses to access the successful Research and Development Tax Credit. The committee passed two versions of the Startup Innovation Credit — one will allow innovative startups to claim the R&D tax credit against their payroll taxes. The second version will allow small business owners to claim […]

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R&D Tax Credit Extension Passes Senate Committee Vote

Senate Finance Committee

On April 3, the United States Senate Finance Committee passed the bipartisan Expiring Provisions Improvement Reform and Efficiency Act (EXPIRE) to renew virtually all of the tax relief provisions, known as ‘tax extenders,’ including the R&D tax credit. More than 50 tax provisions expired at the end of last year – some being of more significance […]