This bill establishes a Minnesota Corporate Headquarters Credit aimed at incentivizing corporations to establish or relocate their headquarters to Minnesota. It introduces new definitions and criteria for what constitutes a "qualified corporation," which must have worldwide revenues of at least $250 million, employ a minimum of 250 eligible employees, and invest at least $10 million in eligible expenses related to the headquarters project. The credit allows qualified corporations to claim a percentage of eligible employee wages and expenses incurred during the taxable year, with specific limits on the maximum credit amount. Additionally, corporations must apply for certification or provisional certification from the commissioner, who is responsible for overseeing the application process and ensuring compliance with the established criteria.

The bill also mandates annual reporting requirements for qualified corporations to confirm their ongoing eligibility for the credit, as well as a report to the legislature starting in 2028 detailing the credits issued and their economic impact. Furthermore, it includes provisions for the credit to be refundable if it exceeds the corporation's tax liability, ensuring that corporations can benefit from the credit even if they do not owe taxes. The effective date for the provisions of this bill is set for taxable years beginning after December 31, 2025.