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S.F. No. 10 - Foreign Royalty Subtraction Repeal; Increase in Research & Development Credit (as Proposed to be Amended by the A-3 Amendment)
 
Author: Senator Ann H. Rest
 
Prepared By: Nora B. Pollock, Senate Counsel (651/297-8066)
 
Date: January 29, 2013


 

Section 1 repeals the corporate subtraction for foreign royalties.

Section 2 increases the research and development income tax credit from 2.5 percent of qualifying expenses over $2,000,000 to 4.5 percent.

Sections 3 to 7 correct references in the income and mineral tax chapters to reflect repeal of the foreign royalty subtraction in section 1. 

This bill is effective for taxable years beginning after December 31, 2012.

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