MN HF2850

Adds definitions for "federal credit," "placed in service," and "qualified rehabilitation expenditures" to align with Internal Revenue Code section 47 terminology.

Allows credit certificate recipients to assign certificates in whole or in part to multiple taxpayers (up to 3 times without commissioner consent) and requires transferee notification to the commissioner.

Establishes grant program allowing grant recipients to assign grants to other individuals or entities (up to 3 times without office consent) with transferee notification required.

Changes partnership and multiple owner credit allocation language to permit special allocations through "any other executed agreement" in addition to organizational documents.

Changes effective date trigger from "qualified costs of rehabilitation first paid under construction contracts entered into" to "placed in service" after May 1, 2010, with retroactive application to taxable years beginning after December 31, 2009.