The 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. Key changes include the stipulation that the first assignee of a credit certificate may assign it in whole to a second assignee before claiming payment, and that both the original recipient and each assignee must file a return with the commissioner for the taxable year when the project is placed in service. Additionally, the bill clarifies that the application process for credits or grants must be initiated before rehabilitation begins and outlines the necessary information and fees associated with the application.

The effective date for these changes is set for applications for allocation certificates submitted after June 30, 2025. The bill also specifies that the credit or grant amount is contingent upon the federal credit received at the time the project is placed in service, and it removes the previous requirement that the taxpayer or grant recipient must receive one-fifth of the total amount within three calendar years following the issuance of the allocation certificate. Overall, these amendments aim to streamline the process and provide more flexibility for developers seeking to utilize the historic structure rehabilitation credit.

Statutes affected:
Introduction: 290.0681