Minnesota Legislation Would Allow Entire State HTC to be Taken in Year Property is Placed in Service
A bill in the Minnesota House of Representatives would allow taxpayers to take the state historic tax credit (HTC) in the year a project is placed in service, rather than ratably over a five-year period. H.B. 3688 would make the change–which is a break from how the federal HTC is allocated–effective for properties placed in service after June 30, 2022.
The Novogradac Historic Rehabilitation Tax Credit Handbook provides an overview of the HTC and the intricacies of the incentive, including how state and federal credits interact.