Minnesota Clarifies that State HTC is Taken in One Year

Friday, October 26, 2018 - 10:15am

The Minnesota Department of Revenue issued guidance that the state historic tax credit (HTC) is fully claimed in the year the qualifying renovated building is placed in service. The federal HTC is now taken at 4 percent per year for five years, but the Minnesota credit, equal to the federal credit, is taken in one year.