Legislative Session number- 85

Bill Name: SF0385

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)