Income and corporate franchise tax exemption for advertising expenses authorization

SF 2637 creates a tax credit for small Minnesota businesses that advertise in qualifying local media. It allows businesses with fewer than 50 full-time employees to claim a credit equal to 80% of qualifying local advertising expenses (for 2025) or 50% (for 2026+), with annual limits of $5,000 and $2,500 respectively. Qualifying media includes local newspapers or broadcast stations serving Minnesota communities that meet specific criteria, such as employing local journalists and primarily serving regional audiences. The credit expires for taxable years beginning after 2028 and applies to expenses paid after December 31, 2024.