Bill > SF768

This bill establishes a refundable tax credit and grant program to incentivize the conversion of underutilized buildings in Minnesota. The program allows developers, property owners, or taxpayers to receive a credit or grant of up to 30 percent of qualifying conversion expenses for building projects that meet specific criteria. To be eligible, a building must be at least 15 years old, have been vacant for at least five years or be converted to a substantially different use, and retain at least 75 percent of its external walls and internal structural framework. Applicants must apply to the Minnesota Department of Employment and Economic Development before beginning conversion work and receive an allocation certificate. The credit is refundable, meaning if the credit amount exceeds the taxpayer's tax liability, the excess will be refunded. The program includes provisions for transferring credit certificates, passing credits through to partners or shareholders, and requires detailed reporting on the economic and sustainability impacts of the converted buildings. The tax credit program has a sunset provision, expiring after fiscal year 2031, with a wind-down period for existing allocation certificates extending to 2035. Additionally, the bill mandates a public hearing process to gather stakeholder feedback on the program's implementation and requires the creation of public educational materials about the program.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF0768&ssn=0&y=2025