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S.F. No. 3101 - Income Tax Qualified High Technology Business Interests Jurisdiction Limits
Author: Senator Mee Moua
Prepared by: Darlene Sliwa, Senate Research (651/296-1890)
Date: March 19, 2008

Section 1, subdivision 3, paragraph (c), expands the list of ownership interests that the Commissioner of Revenue may not use as a factor in determining if an individual or corporation has an economic nexus with Minnesota and is subject to the state individual or corporate franchise tax to include interests in qualified high technology businesses.

Section 2, subdivision 6, paragraph (a), defines a "qualified high technology business" for purposes of subdivision 3.

Paragraph (b) defines "qualified high technology field" for purposes of the subdivision. Provides that a business is a qualified business if it satisfies specified conditions.

Paragraph (c) specifies how full-time equivalent employees are calculated in paragraph (a).

DS/syl




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