MN HF1642

Allows historic structure rehabilitation tax credit equal to 100 percent of the federal credit under Internal Revenue Code section 47(a)(2), with the full credit claimed in the year the building is placed in service rather than ratably over five years.

Permits commissioner of administration to issue a grant equal to 90 percent of the allowed credit as an alternative to the tax credit.

Clarifies that credit certificate recipients and subsequent assignees may assign certificates to other taxpayers, with assignments requiring notification to the commissioner within 30 days.

Makes the historic structure rehabilitation credit permanent by repealing the sunset provision that previously expired the credit after fiscal year 2021.

Effective for taxable years beginning after December 31, 2018.