MN HF2971

Eliminates the carryforward deduction rules for entitlement issuers, removing penalties for bonding authority not permanently issued or used for mortgage credit certificates by the deadline.

Allows the Minnesota Office of Higher Education to carry forward student loan bond allocations subject to notice requirements in section 474A.131, removing the previous one-year limitation.

Removes the one-year carryforward restriction for mortgage bond allocations awarded to the Minnesota Housing Finance Agency, allowing indefinite carryforward subject to notice requirements.

Exempts bonding authority allocated in 2008, 2009, and 2010 from deduction penalties if not issued by December 31, 2011, and requires rescission of any reallocations already made under the previous rules.

Effective the day following final enactment and applies to bonding authority allocated in 2011 and subsequent years.