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MN SF2007
Bill
Status
Introduced
2/21/2023
Primary Sponsor
Karin Housley
Click for details
AI Summary
- Allows a 5% income tax credit for taxpayers who sell qualified manufactured home parks to cooperatives, nonprofits, or resident representatives
- Applies to manufactured home parks classified as 4c(5)(i) or 4c(5)(iii) that qualify as section 1250 property under federal tax law
- Permits unused credits to carry forward for up to five successive taxable years if they exceed the taxpayer's current tax liability
- For partnerships, S corporations, and limited liability companies, credits pass through pro rata to partners, members, or shareholders based on their ownership share
- Effective for taxable years beginning after December 31, 2022
Legislative Description
Providing a tax credit to certain sellers of manufactured home parks
Last Action
Comm report: To pass as amended and re-refer to Taxes
3/16/2023
Committee Referrals
Taxes3/16/2023
Housing and Homelessness Prevention2/21/2023
Full Bill Text
No bill text available