MN HF5191

Creates a refundable income tax credit of up to 30 percent of qualifying conversion expenses for converting buildings that are at least 15 years old, either to a new commercial use or to return at least 50 percent of vacant floor area to productive use.

Requires that 75 percent of existing external walls and 50 percent of external walls be retained, and 75 percent of internal structural framework be retained in place.

Allows applicants to receive either a credit, a grant in lieu of credit, or a combination of both; conversion work must begin and complete within three years of receiving an allocation certificate from the Commissioner of Employment and Economic Development.

Establishes a conversion credit administration account funded by up to one percent fees on estimated qualifying conversion expenses, used to offset administrative costs and prepare required economic impact reports.

Credits are refundable and may be transferred up to two times before claiming; the program sunsets after fiscal year 2030, though certificate issuance authority continues through 2034 and reporting requirements continue until 2035.