MN SF4865

Amends Minnesota Statutes section 290.0683, subdivision 3, to modify the Minnesota housing tax credit contribution process.

Sets annual tax credit allocation limit at $9,900,000 for all eligible contributors, with any unallocated amounts rolling over to following taxable years until fully allocated.

Requires the agency to file credit certificates or return contributions to taxpayers within 30 days, with certificates showing contribution amount, payment date, and project designation if applicable.

Prohibits issuing credit certificates for contributions that lack sufficient available credits and mandates return of those amounts before issuing any certificates.

Effective retroactively for taxable years beginning after December 31, 2022.