MN HF5092

Establishes the Minnesota Strategic Industrial Development Enhancement Act, creating tax credits for eligible entities with qualifying projects in designated locations in Minnesota counties with populations under 250,000 or adjacent to railroads.

Provides a 10 percent tax credit for qualified economic development expenditures (land improvements, building construction, machinery purchases) up to $8,000,000 per project, and a 50 percent credit for qualified initial infrastructure expenditures (rail infrastructure, right-of-way acquisition) up to $4,000,000 per project.

Limits combined credits to $10,000,000 per qualifying project and caps total annual allocations at $50,000,000 across all projects, with unused credits eligible for carryover to subsequent tax years up to five years.

Allows credits to be transferable to other Minnesota income taxpayers by written agreement filed with the Department of Revenue within 30 days of assignment.

Authorizes the Department of Employment and Economic Development to adopt rules for project verification and requires the Department of Revenue to certify tax credit amounts; provision expires January 1, 2034, and is effective for taxable years beginning after December 31, 2023.