Minnesota Budget Bill Reinstates State HTC Through June 30

Tuesday, May 30, 2023 - 11:30AM

Minnesota budget legislation signed into law last week by Gov. Tim Walz temporarily reinstates the state historic tax credit (HTC) through the end of June. H.F. 1938 restores the credit, which expired June 30, 2022, for properties that started rehabilitation work during the period of July 1, 2022, through June 30, 2023, if the application for the credit is received on or before Aug. 30, 2023. The Minnesota state credit is for 20% of qualified rehabilitation expenditures (QREs).

The 2023 Novogradac Historic Rehabilitation Handbook provides an overview of the HTC and the intricacies of the incentive.

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