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) taxed as partnerships or
multiple owners of property to the partners, members or owners, authorizing transfer, sale or assignment of the credits and use to offset income taxes imposed; 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
(rt)