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. The amendments include modifications to the application process for developers seeking credits or grants, requiring them to apply before rehabilitation begins and to indicate whether they are applying for a credit, a grant, or a combination of both. The bill also clarifies that allocation certificates will be issued upon approval of applications, detailing the anticipated credit or grant amounts based on federal credits, and establishes that the credit or grant may vary based on the actual federal credit received.

Additionally, the bill introduces new provisions regarding the assignment of credit certificates. It allows the first assignee of a credit certificate to assign it to a second assignee before claiming payment, provided that the assignment is reported to the commissioner within 30 days. The original recipient and each assignee are required to file a return for the taxable year in which 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