Receipt of National Institutes of Health funding income tax refundable credit authorization

This bill creates a 25% refundable income tax credit for public colleges and universities in Minnesota that receive grants from the National Institutes of Health (NIH). It directly affects eligible public postsecondary institutions defined under Minnesota law, specifically those receiving NIH funding for research or educational purposes. The credit is calculated as 25% of the NIH grant amount received during a tax year, and any excess credit beyond the institution's tax liability will be refunded by the state. The credit applies to tax years beginning after December 31, 2024, and requires state funding from the general fund to cover refunds.