Fillable Schedule M1b - Business And Investment Credits

2014 Schedule M1B Instructions

Purpose

Line 2

Line 3

Credit for Historic Structure

Job Opportunity Building Zone (JOBZ)

Complete Schedule M1B, Business and

Rehabilitation

Jobs Credit (Schedule JOBZ)

Investment Credits, if you qualify for any of

If you made qualifi ed improvements to a his-

If you are the sole proprietor of a qualifi ed

the following credits as a sole proprietor or

toric property in Minnesota, and those im-

business operating in a job zone, enter the

if you received a credit as reported on the

provements qualify for the federal Historic

amount of the JOBZ jobs credit from line 43

Schedule KPI, KS, or KF that you received

of Schedule JOBZ.

Rehabilitation Credit under IRC section 47,

as a partner of a partnership, shareholder of

you may be eligible for a Minnesota credit.

an S corporation, or benefi ciary of a trust:

If you are a partner of a partnership, a share-

Th e Minnesota credit is equal to 100 percent

holder of an S corporation, or a benefi ciary

• Angel Investment Tax Credit;

of the federal credit, provided that you fi led

of an estate or trust that is a qualifi ed JOBZ

an application with the State Historic Preser-

• Credit for historic structure rehabilita-

business, enter the amount of the JOBZ jobs

vation Offi ce (SHPO) of the Minnesota His-

tion;

credit as reported on your Schedule KPI,

toric Society and meet all other conditions

• JOBZ Jobs Credit;

Schedule KS, or Schedule KF.

of eligibility. Th e credit is generally allowed

• Greater Minnesota Internship Credit; or

when the project is completed.

Line 4

• Enterprise Zone Credit

Greater Minnesota Internship Credit

Enter the amount of the credit and National

Line 1

If you own or operate a business that hired a

Park Service number listed on the credit

Angel Investment Tax Credit

qualifi ed student for an internship in greater

certifi cate issued by SHPO upon completion

Minnesota, you may be eligible for a refund-

of the project.

If you made an investment in certain small

able income tax credit.

Minnesota businesses, you may be eligible

Note: Th e Department of Revenue reserves

for a refundable income tax credit.

Th e credit is equal to 40 percent of the wages

the right to audit any amount claimed.

paid to the student or $2,000, whichever is

Th e credit is equal to 25 percent of any new

Enclose a copy of the credit certifi cate when

less. Other statutory limitations may apply.

investment in a qualifi ed business. Th e

you fi le your Minnesota return.

maximum credit is $125,000, or $250,000

Th e Offi ce of Higher Education (OHE) and

for a married couple fi ling jointly.

If you are eligible for the federal Historic

eligible institutions certify eligible employers

Rehabilitation Credit through an interest in

and determine the total credit each eligible

Th e Department of Employment and

a partnership, S corporation, estate or trust,

employer may receive.

Economic Development (DEED) certifi es

enter the amount of the credit from your

investors, investment funds and businesses

If you were certifi ed to be eligible for the

Schedule KPI, KS or KF.

as being eligible to participate in the credit

Greater Minnesota Internship Credit, enter

program. DEED also allocates credits to

If you receive a grant in lieu of the credit for

on line 4 the amount of credit you were

eligible taxpayers who make qualifying

the entire amount, you are not eligible for

certifi ed for.

investments subject to a statutory maximum

the tax credit. However, if you received a

Include amounts from line 12 of Schedule

annual appropriation.

grant for a portion of the claimed amount,

KPI, line 12 of Schedule KS and line 21 of

you may be eligible for a partial credit.

If you made a qualifi ed investment in a

Schedule KF.

Assignment of credit. If you are eligible

Minnesota small business in 2014, enter

For more information, visit the OHE web-

for a credit but have assigned it to another

on line 1 the amount listed on the Angel

site:

taxpayer, you are not eligible for the credit.

Investment Tax Credit Certifi cate issued to

If you assigned only a portion of the credit,

you by DEED.

Line 5

enter the amount that you have not assigned.

Enterprise Zone Credit

For more information, visit the DEED web-

site at

If a credit has been assigned to you, enter on

Th e enterprise zone credit is a refundable

line 2 the amount from your Assignment of

credit for sole proprietors, partners of a

Credit certifi cate.

partnership, or shareholders of an S corpora-

tion. Th is credit was previously reported as a

write-in on the total payments line of Form

M1.

If you qualify, you would have received pa-

perwork from DEED. Include a copy of the

documentation with Form M1.

To claim the credit, enter on line 5 the

amount from line 15 of Schedule KPI or line

15 of Schedule KS.

Schedule M1b - Business And Investment Credits - 2014 Page 2

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