Legislative Session number- 83

Bill Name: SF2565

Providing an income tax credit for costs incurred for the +rehabilitation of
certain certified historic structures; providing for a carryback and
carryforward of tax liability; requiring pass through of credits +granted to
partnerships or limited liability companies (LLC) to the partners, +members or
owners; requiring taxpayer application to the state historic +preservation
office of the Minnesota historical society before beginning the +project,
requiring the office to determine the amount of eligible +rehabilitation costs,
eligibility certificate issuance requirement and fee charging +authority;
authorizing the taxpayers to elect in lieu of the credit to receive a+ historic
rehabilitation mortgage credit certificate, specifying terms and +conditions,
restricting transfer of the certificates to home mortgage lending +institutions
in connection with a loan, requiring application of the loan amount +to reduce
the principal amount of or the rate of interest on the loan or the +cost of
purchasing the building, providing for a lending institution tax +credit;
requiring the historical society to annually determine the economic +impact to
the state from the credit for rehabilitation of eligible property and+ to report
to the legislature(ra)