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S.F. No. 1399 - Endow Minnesota Tax Credit (as proposed by the A-1 amendment)
Author: Senator Roger J. Reinert
Prepared By: Nora Pollock, Senate Counsel (651/297-8066)
Date: March 23, 2015


This bill establishes the Endow Minnesota program and provides a nonrefundable tax credit for contributions to Endow Minnesota community foundations.  The credit is effective beginning in tax year 2016 through tax year 2030 and allows carryforward of credits through tax year 2045. 




Provides definitions for the Endow Minnesota program.  An Endow Minnesota community foundation must meet national certification standards or comparable membership guidelines established by the Minnesota Council on Foundations, and must meet specified charitable purpose requirements.   An endowment gift is an irrevocable contribution to a permanent endowment held by an endow Minnesota foundation.  A qualified contribution is a contribution of at least $5,000 made to an endow Minnesota foundation. 

Establishes the eligibility requirements for the endow Minnesota tax credit.  Allows a tax credit of up to 25 percent of contributions made by individuals, estates, trusts, or corporations to an endow Minnesota foundation, up to a maximum credit of $25,000 per taxable year. The maximum amount of credits that may be allocated in a year is $3 million.  The credits are allocated by DEED on a first-come-first-served basis.  Ten percent ($300,000) of the credits are reserved for contributions of $30,000 or less, but if that amount is not allocated by September 1, credits may be allocated for other contributions.  The DEED Commissioner must not allocate more than $600,000 in credits for a taxable year for contributions to a single endow Minnesota foundation.  The DEED Commissioner must certify to the Commissioner of Revenue the amount of the credit allowed to taxpayers.

Allows the DEED Commissioner to contract with a program administrator to administer the program and comply with the requirements of the bill.  Establishes reporting and data privacy requirements.  Sets a base administrative appropriation for DEED to administer the program.  


Authorizes the endow Minnesota tax credit.  The maximum credit of $25,000 per tax year is nonrefundable and allowed to be carried forward for 15 years. 



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