The bill establishes a Minnesota Corporate Headquarters Credit aimed at incentivizing corporations to establish or maintain their headquarters in Minnesota. It introduces new definitions and criteria for what constitutes a "qualified corporation," which must have at least $250 million in worldwide revenues, employ a minimum of 250 eligible employees, and invest at least $10 million in eligible expenses related to their headquarters. The credit allows qualified corporations to claim a tax credit based on eligible employee wages and expenses incurred during the taxable year, with specific limits on the amount that can be claimed.

Additionally, the bill mandates annual reporting requirements for corporations receiving the credit, ensuring compliance with the established criteria. The commissioner of employment and economic development is tasked with certifying qualified corporations and reporting to the legislature on the credits issued, including the number and amount of credits and the total eligible expenses. The provisions of this bill will take effect for taxable years beginning after December 31, 2025.