MN SF2327

Creates a new markets tax credit against insurance premiums taxes (Chapter 297I) to encourage investment in low-income community businesses, with the credit equaling 10% of the qualified equity investment on each of the final five credit allowance dates (years 3-7)

Allocates $100 million in qualified equity investment authority for greater Minnesota counties and $100 million for metropolitan counties, with a maximum aggregate credit cap of $50 million for each geographic area

Requires qualified community development entities to invest 100% of cash proceeds in qualified active low-income community businesses located in Minnesota within 12 months, with investments capped at $10 million per business

Qualified equity investments must be made by January 1, 2028, and the credit program expires for taxable years beginning after December 31, 2031, with excess credits carrying forward for up to five years

Establishes a $5,000 nonrefundable application fee and $1,500 annual reporting fee, with the Commissioner of Employment and Economic Development administering the program and required to report on implementation by December 31, 2034