MN SF3489

Creates a Minnesota housing tax credit against income and insurance premium taxes for taxpayers investing in qualified low-income housing projects, claimable in the year allocated and each of the five following taxable years.

Allows credits to be assigned and reassigned to other taxpayers without regard to project ownership, with excess credits carried forward for 11 successive taxable years if they exceed tax liability.

Authorizes $7,000,000 in credits for 2017, with annual allocations from 2017-2022 including unused credits and returned amounts, requiring 50 percent allocation to Greater Minnesota projects.

Credits limited to projects financed with tax-exempt bonds, eligible for federal low-income housing tax credits, and not financially feasible without the state credit; owners must enter compliance agreements for the 15-year compliance period.

Requires annual reports to legislature specifying number of projects funded, housing units supported, geographic locations, demographic information about residents served, and data on addressing affordable housing needs and disparities.