SF0385 - Minnesota - Income tax credit for historic structure rehabilitation

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 [...]

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