HF 2339 Summary

• Establishes the "Endow Minnesota" program providing a 25% tax credit for qualified taxpayer contributions of at least $5,000 to certified community foundation permanent endowments, with a maximum credit of $25,000 per year.

• Allocates $4,000,000 in total tax credits annually for taxable years 2018-2031, with $300,000 reserved for contributions of $30,000 or less and a $750,000 annual cap per individual foundation.

• Requires qualified taxpayers to apply through the Minnesota Department of Revenue, which must approve applications within 15 days and allocate credits on a first-come, first-served basis; contributions must be made within 60 days of credit allocation.

• Appropriates $50,000 each for fiscal years 2018 and 2019 to administer the program and requires biennial reporting to the legislature beginning in 2019 on credit utilization and community foundation endowment growth.

• Applies the tax credit to income tax (for individuals, trusts, estates, and corporations), insurance premiums tax, and allows unused credits to carry forward up to 15 years; program and appropriations sunset after December 31, 2031.