Minnesota § 290.0692 - SMALL BUSINESS INVESTMENT CREDIT
Full text of Minnesota Minnesota Statutes § 290.0692 — SMALL BUSINESS INVESTMENT CREDIT, with citation guidance and answers to common questions.
§ 290.0692. SMALL BUSINESS INVESTMENT CREDIT
Subdivision 1.Definitions.
For purposes of this section, terms defined in section 116J.8737 have the meaning given in that section.
Subd. 2.Credit allowed.
A qualified investor is allowed a credit against the tax imposed under this chapter for qualified investments made in a qualified small business for the taxable year. The credit equals the amount and applies to the taxable year indicated on the certificate provided to the qualified investor under section 116J.8737, but the maximum credit in any taxable year is $250,000 for a married couple filing a joint return, and $125,000 for all other claimants.
Subd. 3.Proportional credits.
Each pass-through entity must provide each investor a statement indicating the investor's share of the credit amount certified to the pass-through entity based on its share of the pass-through entity's capital assets at the time of the qualified investment.
Subd. 4.Credit refundable.
If the amount of the credit under this section for any taxable year exceeds the claimant's liability for tax under this chapter, the commissioner shall refund the excess to the claimant. An amount sufficient to pay the refunds required by this section is appropriated to the commissioner from the general fund.
Subd. 5.Audit powers.
Notwithstanding the certification eligibility issued by the commissioner of employment and economic development under section 116J.8737, the commissioner may utilize any audit and examination powers under chapter 270C or 289A to the extent necessary to verify that the taxpayer is eligible for the credit and to assess for the amount of any improperly claimed credit.
Subd. 6.Sunset.
This section expires at the same time and on the same terms as section 116J.8737, except that the expiration of this section does not affect the commissioner of revenue's authority to audit or power of examination and assessment for credits claimed under this section.
History:
2010 c 216 s 12; 1Sp2017 c 1 art 1 s 27; 2023 c 64 art 1 s 51
Official Publication of the State of Minnesota
Revisor of Statutes
Source: official Minnesota text · Last verified 2026-08-27
Frequently Asked Questions About Minnesota § 290.0692
What does Minnesota Statutes § 290.0692 cover?
Section 290.0692 ("SMALL BUSINESS INVESTMENT CREDIT") is part of the Minnesota Statutes, the codified statutory law of Minnesota. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Minnesota § 290.0692?
A common citation format is "Minnesota Statutes § 290.0692" (Minnesota). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Minnesota law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Minnesota official source linked on this page or consult a licensed Minnesota attorney.
How does Minnesota § 290.0692 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Minnesota can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Minnesota.