Bill Introduced to Reinstate Minnesota State HTC
A bill in the Minnesota Legislature would reinstate the state historic tax credit (HTC) and allow taxpayers to claim the entire amount in the year a project is placed in service. S.F. 1340 would bring back the credit that expired June 30, 2021. The credit would be for up to 100% of the federal HTC and the credit–or a grant that could be issued in lieu of a credit for 90% of its value–could be claimed in the year in which the project was placed in service. The credit would be applicable for HTC certificates submitted after June 30, 2023.
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