Minnesota Budget Legislation Reinstates State HTC Through Mid-2030

Wednesday, May 31, 2023 - 12:15PM

Budget legislation signed into law last week by Gov. Tim Walz reinstates and extends the state historic tax credit (HTC) through June 30, 2030, as well as makes the credit retroactive for properties that began rehabilitation work after July 1, 2022. H.F. 1938 restores the credit, which expired June 30, 2022. The Minnesota HTC is for 20% of qualified rehabilitation expenditures (QREs), with no statewide annual cap. To receive the retroactive credits, the state must receive the application by Aug. 30.

Note: A Novogradac news item published Tuesday included only the retroactive provision for the Minnesota HTC.

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