This bill amends Minnesota Statutes 2024, specifically section 290.0681, to enhance the historic structure rehabilitation credit program by allowing for a second assignment of credit certificates and modifying the requirements for issuing allocation certificates. The amendments specify that developers must apply for credits or grants before rehabilitation begins and outline the necessary information and fees associated with the application process. Upon approval, allocation certificates will be issued, detailing the anticipated credit or grant amounts, which are based on federal credits. Notably, the bill removes the stipulation that the taxpayer or grant recipient must receive one-fifth of the total amount within three years of the allocation certificate issuance.

Additionally, the bill introduces provisions for the assignment of credit certificates, allowing the first assignee to transfer the certificate to a second assignee before claiming payment, provided that the commissioner is notified within 30 days. The original recipient and each assignee are required to file a return for the taxable year when the project is placed in service. The effective date for these changes is set for applications submitted after June 30, 2025.

Statutes affected:
Introduction: 290.0681