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 that are at least fifteen years old. The bill outlines the application process, eligibility requirements, and the establishment of a conversion credit administration account to manage the program. Additionally, it mandates the commissioner of employment and economic development to prepare reports on the economic impact of the projects and includes a sunset provision that will terminate the program after fiscal year 2031, with certain exceptions for ongoing projects.

The bill also emphasizes public engagement by requiring the commissioner to hold a public hearing to gather stakeholder feedback on the program's application process and materials. This engagement aims to ensure that the program is effectively communicated and accessible to potential applicants. The effective date for the tax credit provisions is set for taxable years beginning after December 31, 2025, while the public process section becomes effective immediately following final enactment.