1.1.................... moves to amend H.F. No. 2015 as follows:
1.2Page 2, delete section 2 and insert:
1.3 "Section 2. Minnesota Statutes 2013 Supplement, section 290.068, subdivision 3,
1.4is amended to read:
1.5 Subd. 3.
Limitation; carryover. (a)(1) The credit for a taxable year beginning
1.6before January 1, 2010, and after December 31, 2012
, and before January 1, 2014, shall not
1.7exceed the liability for tax.
"Liability for tax" for purposes of this section means the sum of
1.8the tax imposed under section
290.06, subdivisions 1 and 2c, for the taxable year reduced
1.9by the sum of the nonrefundable credits allowed under this chapter, on all of the entities
1.10required to be included on the combined report of the unitary business. If the amount of
1.11the credit allowed exceeds the liability for tax of the taxpayer, but is allowed as a result of
1.12the liability for tax of other members of the unitary group for the taxable year, the taxpayer
1.13must allocate the excess as a research credit to another member of the unitary group.
1.14 (2) In the case of a corporation which is a partner in a partnership, the credit allowed
1.15for the taxable year shall not exceed the lesser of the amount determined under clause (1)
1.16for the taxable year or an amount (separately computed with respect to the corporation's
1.17interest in the trade or business or entity) equal to the amount of tax attributable to that
1.18portion of taxable income which is allocable or apportionable to the corporation's interest
1.19in the trade or business or entity.
1.20 (b) If the amount of the credit determined under this section for any taxable year
1.21exceeds the limitation under clause (a) including amounts allocated to other members
1.22of the unitary group, the excess shall be a research credit carryover to each of the 15
1.23succeeding taxable years. The entire amount of the excess unused credit for the taxable
1.24year shall be carried first to the earliest of the taxable years to which the credit may be
1.25carried and then to each successive year to which the credit may be carried. The amount
1.26of the unused credit which may be added under this clause shall not exceed the taxpayer's
1.27liability for tax less the research credit for the taxable year.
2.1EFFECTIVE DATE.This section is effective for taxable years beginning after
2.2December 31, 2013."
2.3Renumber the sections in sequence and correct the internal references
2.4Amend the title accordingly