The proposed bill introduces a refundable tax credit for eligible public postsecondary educational institutions in Minnesota that receive funding from the National Institutes of Health (NIH). Specifically, the bill allows these institutions to claim a credit equal to 25 percent of the NIH grants received during the taxable year. The bill defines "eligible institution" in accordance with existing law and establishes that if the credit exceeds the taxpayer's tax liability, the excess amount will be refunded by the commissioner.

Additionally, the bill includes provisions for the appropriation of funds necessary to cover these refunds and outlines the process for claiming the credit, which may involve separate processing for claims. The new legal language is proposed to be codified in Minnesota Statutes, chapter 290, and the provisions are set to take effect for taxable years beginning after December 31, 2024.