Section 469.319 — Repayment Of Tax Benefits By Businesses That No Longer Operate In A Zone.
469.319 REPAYMENT OF TAX BENEFITS BY BUSINESSES THAT NO LONGER OPERATE IN A ZONE. Subdivision 1. Repayment obligation. A business must repay the total tax benefits listed in section 469.315 received during the two years immediately before it (1) ceased to perform a substantial level of activities described in the business subsidy agreement, or (2) […]
Section 469.3191 — Breach Of Agreements By Businesses That Continue To Operate In Zone.
469.3191 BREACH OF AGREEMENTS BY BUSINESSES THAT CONTINUE TO OPERATE IN ZONE. (a) A “business in violation of its business subsidy agreement but not subject to section 469.319” means a business that is operating in violation of the business subsidy agreement but maintains a level of operations in the zone that does not subject it […]
Section 469.3192 — Prohibition Against Amendments To Business Subsidy Agreement.
469.3192 PROHIBITION AGAINST AMENDMENTS TO BUSINESS SUBSIDY AGREEMENT. Except as authorized under section 469.3191, under no circumstance shall terms of any agreement required as a condition for eligibility for benefits listed under section 469.315 be amended to change job creation, job retention, or wage goals included in the agreement. History: 2008 c 366 art 5 […]
Section 469.3193 — Certification Of Continuing Eligibility For Jobz Benefits.
469.3193 CERTIFICATION OF CONTINUING ELIGIBILITY FOR JOBZ BENEFITS. (a) By October 15 of each year, every qualified business must certify to the commissioner of revenue, on a form prescribed by the commissioner of revenue, whether it is in compliance with any agreement required as a condition for eligibility for benefits listed under section 469.315. A […]
Section 469.320 — Zone Performance; Remedies.
469.320 ZONE PERFORMANCE; REMEDIES. Subdivision 1. Reporting requirement. An applicant receiving designation of a job opportunity building zone under section 469.314 must annually report to the commissioner on its progress in meeting the zone performance goals under the development plan for the zone and the applicant’s compliance with the business subsidy law under sections 116J.993 […]
Section 469.3201 — Legislative Auditor; Audits Of Job Opportunity Building Zones And Business Subsidy Agreements.
469.3201 LEGISLATIVE AUDITOR; AUDITS OF JOB OPPORTUNITY BUILDING ZONES AND BUSINESS SUBSIDY AGREEMENTS. As resources allow, the legislative auditor must audit the creation and operation of all job opportunity building zones and business subsidy agreements entered into under sections 469.310 to 469.320. All public officials and parties to the agreements shall provide the legislative auditor […]
Section 469.315 — Tax Incentives Available In Zones.
469.315 TAX INCENTIVES AVAILABLE IN ZONES. Qualified businesses that operate in a job opportunity building zone, individuals who invest in a qualified business that operates in a job opportunity building zone, and property located in a job opportunity building zone qualify for: (1) exemption from individual income taxes as provided under section 469.316; (2) exemption […]
Section 469.316 — Individual Income Tax Exemption.
469.316 INDIVIDUAL INCOME TAX EXEMPTION. Subdivision 1. Application. An individual, estate, or trust operating a trade or business in a job opportunity building zone, and an individual, estate, or trust making a qualifying investment in a qualified business operating in a job opportunity building zone qualifies for the exemptions from taxes imposed under chapter 290, […]
Section 469.317 — Corporate Franchise Tax Exemption.
469.317 CORPORATE FRANCHISE TAX EXEMPTION. (a) A qualified business is exempt from taxation under section 290.02, the alternative minimum tax under section 290.0921, and the minimum fee under section 290.0922, on the portion of its income attributable to operations within the zone. This exemption is determined as follows: (1) for purposes of the tax imposed […]
Section 469.318 — Jobs Credit.
469.318 JOBS CREDIT. Subdivision 1. Credit allowed. A qualified business is allowed a credit against the taxes imposed under chapter 290. The credit equals seven percent of the: (1) lesser of: (i) zone payroll for the taxable year, less the zone payroll for the base year; or (ii) total Minnesota payroll for the taxable year, […]