This bill proposes a new refundable tax credit for the conversion of underutilized buildings in Minnesota, codified as section [290.0687]. The credit allows for a grant or tax credit of up to 30% of qualifying conversion expenses for projects that meet specific criteria, such as retaining a significant portion of the existing structure and converting it to a new use. The bill outlines the definitions of key terms, the application process, and the requirements for both the credit and grant. It also establishes a conversion credit administration account to manage the program and includes provisions for reporting on the economic impact of the projects.

Additionally, the bill includes a sunset provision, stating that the program will expire after fiscal year 2031, although the authority to issue credit certificates based on prior allocations will remain until 2035. The commissioner of employment and economic development is tasked with holding a public hearing to gather stakeholder feedback on the program's application process and making necessary revisions. The effective date for the tax credit is set for taxable years beginning after December 31, 2025.