MN SF3896

Creates a 20% refundable tax credit for qualified construction expenditures to convert underutilized commercial property (class 3a) in six designated Brooklyn Center census tracts to residential (class 1a, 4a, or 4d) or improved commercial use

Establishes a 30% refundable tax credit for qualified sustainable investment expenditures including LEED certification, solar panels, geothermal systems, energy-efficient HVAC, and green retrofits on the same eligible properties

Eligible properties must be tax-exempt, vacant/undeveloped, or contain buildings at least 15 years old with either under 50% tenancy for three years or structurally substandard conditions, as certified by Brooklyn Center city resolution

Credits cannot be claimed until two years after the credit certificate is issued, and only one certificate per credit type may be issued per taxpayer per year

Program expires January 1, 2036, with biennial reporting to the legislature required through January 1, 2039, tracking expenditures, property conversions, and credits awarded by census tract