SF 403

as introduced - 89th Legislature (2015 - 2016) Posted on 01/30/2015 08:46am

A bill for an act
relating to taxes; allowing a credit for historic structure rehabilitation.

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

Section 1. new text begin CREDIT FOR HISTORIC STRUCTURE REHABILITATION.
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new text begin (a) Notwithstanding the requirements of Minnesota Statutes, section 290.0681, that
the taxpayer qualify for the federal rehabilitation credit under section 47(c)(2) of the
Internal Revenue Code, a developer of a project is allowed a historic structure rehabilitation
credit or grant under Minnesota Statutes, section 290.0681, if the developer of the project:
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new text begin (1) submitted an application to the State Historic Preservation Office of the
Minnesota Historical Society for a historic structure rehabilitation credit or grant under
Minnesota Statutes, section 290.0681, subdivision 3, in calendar year 2011; and
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new text begin (2) received an allocation certificate under Minnesota Statutes, section 290.0681,
subdivision 3, in calendar year 2012.
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new text begin (b) To qualify for a credit or grant under this section, the project must:
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new text begin (1) have received Part 2 approval from the National Park Service in calendar year
2011;
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new text begin (2) have received Part 3 certification from the National Park Service; and
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new text begin (3) be substantially rehabilitated as defined by section 47(c)(1)(c) of the Internal
Revenue Code.
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new text begin (c) The developer of the project must notify the office within six months of when
the project is placed in service. The office must issue a credit certificate or pay a grant
to the developer upon verifying that the project has been placed in service and received
Part 3 certification. The grant equals 90 percent of 20 percent of the expenditures for
the project that would be considered qualified rehabilitation expenditures if the project
had been allowed a federal credit.
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new text begin (d) All provisions of Minnesota Statutes, section 290.0681, subdivisions 4 and 5,
that relate to issuance of credits and grants apply to credits or grants under this section.
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new text begin (e) For purposes of this section, "federal credit," "office," and "qualified
rehabilitation expenditures" have the meanings given in Minnesota Statutes, section
290.0681, and "project" means rehabilitation of a certified historic structure, as defined in
section 47(c)(3)(A) of the Internal Revenue Code, that is located in Minnesota.
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new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment for
projects placed in service in calendar year 2015.
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