This bill establishes tax credits for the conversion of underutilized property and the implementation of energy-efficient designs in certain properties within the city of Brooklyn Center, Minnesota. It introduces a new section in the Minnesota Statutes, specifically section 290.0696, which defines terms related to eligible properties, qualified census tracts, and the types of expenditures that qualify for tax credits. The bill allows for a 20% credit on qualified construction expenditures and a 30% credit on qualified sustainable investment expenditures, with specific application processes outlined for taxpayers to obtain credit certificates from the relevant state commissioners.

Additionally, the bill mandates that the city must adopt a resolution confirming the eligibility of properties for these credits, and it includes provisions for partnerships and nonresidents regarding credit allocation. It also stipulates that any excess credits beyond tax liability will be refunded to the taxpayer and requires biennial reports to the legislature on the program's impact. The credits will be available for taxable years starting after December 31, 2025, and the section will expire on January 1, 2036, with reports continuing until January 1, 2039.