MN SF768

Creates a refundable tax credit or grant equal to up to 30% of qualifying conversion expenses for converting underutilized buildings that are at least 15 years old into new commercial or habitable uses

Requires qualifying projects to retain at least 75% of existing external walls and internal structural framework, with conversion work completed within 3 years of receiving an allocation certificate

Administered by the Commissioner of Employment and Economic Development, who may charge application fees up to 1% of estimated conversion expenses; credit certificates may be sold or transferred up to two times before being claimed

Program expires after fiscal year 2031, though credit certificates for projects approved before fiscal year 2032 can be issued through 2035

Mandates annual economic impact reports and a comprehensive five-year report covering project locations, materials reclaimed, occupancy rates, energy savings, and employment data