MN SF4049

Allows taxpayers to claim the full amount of the historic structure rehabilitation credit in the year the project is placed in service, instead of spreading it over five equal yearly installments, for properties placed in service after June 30, 2022.

Permits the Commissioner of Administration to offer a grant equal to 90 percent of the federal credit as an alternative to the tax credit, with the grant also payable in five equal yearly installments beginning when the project is placed in service.

Extends the sunset date for the historic structure rehabilitation credit from fiscal year 2022 to fiscal year 2030, and extends the office's authority to issue credit certificates through 2033.

Allows assignment of credit certificates to another taxpayer before the first payment is claimed, with the assignee required to notify the commissioner within 30 days.

Effective for property placed in service after June 30, 2022, with retroactive application for allocation certificates issued prior to enactment.