Certain small business investment credit requirements modifications

Minnesota Senate File 2879 modifies eligibility rules for the state's small business investment tax credit. It raises the private equity investment cap from $4 million to $15 million and clarifies that qualifying businesses must have at least 51% of employees, payroll, and contractual agreements tied to Minnesota operations. The bill also updates restrictions on business activities (excluding certain sectors like real estate) and requires businesses to avoid public stock exchanges for 180 days after receiving qualifying investments. These changes aim to make the credit more accessible to small Minnesota businesses engaged in innovation, as defined under Minnesota Statutes 2024, section 116J.8737.