MN SF1340

Changes the payment schedule for historic structure rehabilitation credits from five equal yearly installments to one lump sum payment when the project is placed in service.

Maintains the credit amount at up to 100 percent of the federal IRC Section 47(a) credit, with grants available at 90 percent of the federal credit amount.

Application fees remain capped at 0.5 percent of qualified rehabilitation expenditures up to $40,000, with fees deposited to offset administration and reporting costs.

Allows credit certificate recipients to assign certificates to another taxpayer before the first payment, with a second assignment limited to financial institutions only.

Repeals the sunset provision (subdivision 10) that was set to expire the credit program after fiscal year 2022, thereby reviving and extending the historic structure rehabilitation tax credit indefinitely for applications submitted after June 30, 2023.