This bill proposes the establishment of a refundable tax credit for the conversion of underutilized buildings in Minnesota, codified under a new section in Minnesota Statutes, chapter 290. The credit allows for a refund or grant equal to up to 30% of qualifying conversion expenses for projects that meet specific criteria, such as converting structures that have been vacant for at least five years or changing their use significantly. Applicants must apply to the commissioner of employment and economic development before beginning the conversion, and the bill outlines detailed requirements for the application process, including financial and demographic information.

Additionally, the bill includes provisions for the administration of the credit, including the establishment of a conversion credit administration account, the issuance of allocation certificates, and the requirement for annual and comprehensive reports on the economic impact of the projects. The credit is set to expire after fiscal year 2031, with certain provisions remaining in effect until 2036. A public process is mandated for the development of application materials, ensuring stakeholder engagement in the program's implementation.