Bill > SF2115

This bill modifies Minnesota's historic structure rehabilitation credit program by allowing a second assignment of the tax credit certificate and making several procedural adjustments. Currently, developers can apply for a tax credit or grant for rehabilitating historic structures, with the credit amount based on the federal historic preservation tax credit. The bill introduces a new provision that permits the initial credit certificate recipient to assign the certificate to a first assignee, and then allows that first assignee to transfer the credit certificate to a second assignee before claiming the credit, which was not previously allowed. The bill also requires that the original credit recipient and each assignee must file a tax return for the year the project is placed in service. Additionally, the bill removes previous language that limited the project placement timeline to three calendar years and sets an effective date of July 1, 2025, for these changes. The modifications aim to provide more flexibility for developers and investors in historic rehabilitation projects by creating additional opportunities for transferring and monetizing the tax credits.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF2115&ssn=0&y=2025