Purpose of the Bill

The bill aims to support local businesses in Minnesota by providing them with a financial incentive for their spending on local media advertising. This involves introducing a new tax credit that can reduce tax liabilities for both individual income taxpayers and corporate franchise taxpayers in the state.

Main Provisions

• Tax Credit Introduction: The bill proposes a new tax credit for local media advertising expenses. This credit is applicable to both individual income taxes and corporate franchise taxes. This means both individuals and businesses can benefit if they spend money on advertising in local media.
• Eligibility Criteria: While specific details on eligibility for the credit are not provided, the primary requirement appears to be that the advertising expenses must be incurred for local media.

Significant Changes to Existing Law

• Amendment to Tax Statutes: The bill proposes amendments to the Minnesota Statutes, specifically sections 290.0131 and 290.0133, by adding new subdivisions that incorporate the details of this new tax credit.

Impact

• Economic Support: The introduction of the tax credit is designed to encourage spending on local advertising, which could help uplift local media and stimulate community economies.

Relevant Terms

• Tax credit
• Local media advertising
• Individual income tax
• Corporate franchise tax
• Minnesota Statutes section 290.0131
• Minnesota Statutes section 290.0133