Fillable Schedule M1b - Business And Investment Credits

2013 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 qualified improvements to a his-

If you are the sole proprietor of a qualified

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

amount of the JOBZ jobs credit from line 43

provements qualify for the federal Historic

Schedule KPI, KS or KF that you received as

of Schedule JOBZ.

Rehabilitation Credit under IRC section 47,

a partner of a partnership, shareholder of an

you may be eligible for a Minnesota credit.

S corporation or beneficiary of a trust:

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

The Minnesota credit is equal to 100 percent

holder of an S corporation, or a beneficiary

• Angel Investment Tax Credit;

of the federal credit, provided that you filed

of an estate or trust that is a qualified JOBZ

an application with the State Historic Preser-

• Credit for historic structure rehabilita-

business, enter the amount of the JOBZ jobs

vation Office (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. The credit is generally allowed

• Credit for tuberculosis testing on cattle;

when the project is completed.

Line 4

Credit for Tuberculosis Testing on Cattle

Enter the amount of the credit and National

• Enterprise Zone Credit

If you own cattle in Minnesota and were

Park Service number listed on the credit

Line 1

required to test your cattle for tuberculosis,

certificate issued by SHPO upon comple-

you may qualify for a credit of 50 percent of

tion of the project. Note: The Department

Angel Investment Tax Credit

your testing expenses. To determine your

If you made an investment in certain small

of Revenue reserves the right to audit any

credit, multiply the expenses you incurred to

Minnesota businesses, you may be eligible

amount claimed.

test your cattle by 50 percent (.50). Enter the

for a refundable income tax credit.

Enclose a copy of the credit certificate when

result on line 4.

The credit is equal to 25 percent of any new

you file your Minnesota return.

investment in a qualified business. The

Line 5

If you are eligible for the federal Historic

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

Enterprise Zone Credit

Rehabilitation Credit through an interest in

for a married couple filing jointly.

The enterprise zone credit is a refundable

a partnership, S corporation, estate or trust,

credit for sole proprietors, partners of a

The Department of Employment and

enter the amount of the credit from your

partnership or shareholders of an S corpora-

Economic Development (DEED) certifies

Schedule KPI, KS or KF.

tion. This credit was previously reported as a

investors, investment funds and businesses

If you receive a grant in lieu of the credit for

write-in on the total payments line of Form

as being eligible to participate in the credit

the entire amount, you are not eligible for

M1.

program. DEED also allocates credits to

the tax credit. However, if you received a

If you qualify, you would have received pa-

eligible taxpayers who make qualifying

grant for a portion of the claimed amount,

perwork from DEED. Include a copy of the

investments subject to a statutory maximum

you may be eligible for a partial credit.

documentation with Form M1.

annual appropriation.

Assignment of credit. If you are eligible

To claim the credit, enter on line 5 the

If you made a qualified investment in a

for a credit but have assigned it to another

amount from line 13 of Schedule KPI or line

Minnesota small business in 2013, enter

taxpayer, you are not eligible for the credit.

13 of Schedule KS.

on line 1 the amount listed on the Angel

If you assigned only a portion of the credit,

Investment Tax Credit Certificate issued to

enter the amount that you have not assigned.

you by DEED.

If a credit has been assigned to you, enter on

For more information, visit the DEED web-

line 2 the amount from your Assignment of

site at

Credit certificate.

Schedule M1b - Business And Investment Credits - 2013 Page 2

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