MN HF4001

Establishes a targeted jobs tax credit allowing employers to claim 10 percent of wages paid to qualified employees hired in specified North Minneapolis zip codes (55411, 55412, 55430), effective for taxable years beginning after December 31, 2015.

Defines "qualified employee" as individuals age 18 or older who are residents of the qualified area, members of high unemployment demographic groups, and not regularly employed or in school during the four months before hire.

Provides a sales tax exemption for construction materials and supplies used in commercial, industrial, or mixed-use building projects in the specified North Minneapolis zip codes with a minimum project cost threshold, effective after June 30, 2016.

Authorizes the city of Minneapolis to transfer up to 10 percent of tax increment financing district increment to fund qualifying improvement projects in the designated area that principally benefit residents there.

Allows unused tax credits to carry forward for up to five succeeding taxable years and permits pass-through entities to allocate credits to partners, members, or shareholders pro rata.