Bill Summary

• Establishes a Minnesota housing tax credit allowing taxpayers to claim a credit equal to contributions of $100 to $5,000,000 annually to a housing tax credit contribution fund administered by the Minnesota Housing Finance Agency.

• Credits are limited to $25,000,000 in aggregate per year and may be carried forward up to ten years if they exceed current tax liability.

• Creates a revolving fund through which the Housing Finance Agency awards grants and loans for multifamily and single-family housing developments serving low and moderate-income households, with allowable uses including gap financing, new construction, acquisition, rehabilitation, and refinancing.

• Extends the tax credit to insurance companies against premiums tax, with the same carryforward provisions as income taxpayers.

• Effective for taxable years beginning after December 31, 2018.