This bill establishes a new markets tax credit in Minnesota to promote investment in qualified active low-income community businesses. It amends the Minnesota Statutes by adding a new subdivision to section 13.4967, which addresses the disclosure of information related to the issuance of new market tax credit certificates. The legislation outlines the administration of the credit, requiring the commissioner of employment and economic development to manage the application process for qualified community development entities. It sets forth definitions, eligibility criteria, and application procedures, while capping the total amount of credits at $50 million for both greater Minnesota and metropolitan counties.

Additionally, the bill specifies that the credit is non-salable but can be assigned within an affiliated group, and it mandates timely certification of applications by the commissioner. It introduces a credit recapture process for circumstances such as failure to meet investment requirements, and it requires annual reporting from qualified community development entities on their investments and employment impacts. The bill also creates a new markets tax credit account in the state treasury and allows for the disclosure of certain tax return information to facilitate the administration of the credit. The provisions will take effect for taxable years beginning after December 31, 2025, and the credit will expire for taxable years beginning after January 1, 2034.

Statutes affected:
Introduction: 13.4967, 116J.401, 270B.14, 297I.20