MN HF4413

Allows full state tax credit in the taxable year the qualified rehabilitated building is placed in service, instead of spreading the federal credit over five years.

State credit equals up to 100 percent of the federal historic preservation credit allowed under Internal Revenue Code section 47(a)(2).

Commissioner of administration may pay a grant of 90 percent of the allowed credit in lieu of the credit certificate.

Insurance companies may claim the credit against insurance premiums tax under chapter 297I instead of regular income tax.

Repeals the sunset provision (subdivision 10) that was scheduled to expire the credit program after fiscal year 2021.