HF 4463

as introduced - 93rd Legislature (2023 - 2024) Posted on 02/29/2024 02:57pm

A bill for an act
relating to taxation; individual income and corporate franchise; modifying the
Minnesota housing tax credit; amending Minnesota Statutes 2022, section 290.0683,
subdivision 3.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2022, section 290.0683, subdivision 3, is amended to read:

Subd. 3.

Allocation.

(a) To qualify for the credit, a taxpayer must contribute to the
Minnesota housing tax credit contribution account. A taxpayer may indicate that a
contribution is intended for a specific qualified project. A taxpayer is prohibited from
contributing to certain projects as provided in section 462A.40, subdivision 3.

(b) The aggregate amount of tax credits allowed to all eligible contributors is limited to
$9,900,000 annually. new text begin If the entire amount is not allocated in a year, any remaining amount
is available for allocation for the following taxable years until the entire allocation has been
made.
new text end

(c) Within 30 days after a taxpayer contributes to the account, the agency must file with
the contributing taxpayer a credit certificate statement or return any amounts to the taxpayer
as provided in this paragraph. The agency must send a copy of the credit certificate to the
commissioner. If there are insufficient credits to match the contribution, the agency must
not issue a credit certificate for the amount of the contribution for which there are insufficient
credits, and must return that amount to the taxpayer before issuing any credit certificate.

(d) The credit certificate must state the dollar amount of the contribution made by the
taxpayer and the date the payment was received by the account, and indicate if the
contribution was intended for a specific qualified project.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective retroactively for taxable years beginning
after December 31, 2022.
new text end