MN SF2449

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

Changes application language from "expenses" to "expenditures" to match federal tax code standards for historic structure rehabilitation projects.

Allows credit certificates to be assigned to other taxpayers in whole or in part, with up to three assignments permitted without commissioner consent; requires notification to the commissioner for validity.

Establishes similar assignment rules for grants (90 percent of federal credit), allowing transfer to other individuals or entities up to three times without office consent.

Clarifies that credits passed through to partners, members, shareholders, or owners of partnerships and S corporations may be specially allocated according to organizational documents or executed agreements, not just pro rata by asset ownership.