MN SF3879

Establishes a Minnesota new markets tax credit program allowing taxpayers to claim tax credits for equity investments in qualified community development entities that invest in low-income community businesses.

Allocates $100,000,000 in qualified equity investment authority for greater Minnesota counties and $100,000,000 for metropolitan counties, with annual aggregate credit limits of $50,000,000 each.

Credits equal zero percent for the first two credit allowance dates and ten percent for each of the final five credit allowance dates, based on the purchase price of qualified equity investments.

Requires qualified community development entities to submit annual reports documenting investments, employment data, and compliance; commissioner may recapture credits for federal recaptures, early redemptions, or failure to maintain required investments.

Effective for taxable years beginning after December 31, 2022, and expires for taxable years beginning after December 31, 2030, with commissioner authority to allow credits continuing through 2033.