Bill > SF1666

This bill establishes the Minnesota Strategic Industrial Development Enhancement tax credits program to incentivize economic development in smaller Minnesota counties and near certain transportation infrastructure. Specifically, the bill allows eligible entities (businesses incorporated and located in Minnesota) to receive tax credits for qualifying economic development and infrastructure projects. Companies can receive a 10% tax credit up to $8 million for economic development expenditures like land improvements, building construction, and equipment purchases, and a 50% tax credit up to $4 million for initial infrastructure expenditures such as rail infrastructure improvements. Projects must be located in industrial parks, economic development zones, opportunity zones, or in counties with populations under 250,000, or adjacent to specific railroad infrastructure. The total tax credits for all projects are capped at $50 million per tax year, and unused credits can be carried forward for up to five years. Additionally, these tax credits can be transferred to other taxpayers through a written agreement filed with the Department of Revenue. The program will be implemented by the commissioner of employment and economic development through rulemaking and will remain in effect until January 1, 2035, with credits first available for taxable years beginning after December 31, 2024.

Government Affairs, Labor and Employment

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF1666&ssn=0&y=2025