Minnesota Legislators Introduce Bill to Create State NMTC

Thursday, February 16, 2017 - 3:30pm

Four members of the Minnesota state House of Representatives today introduced a bill to establish a state new markets tax credit (NMTC) program with a cumulative $300 million statewide cap through 2019. HF1303 would establish a state NMTC with the same structure as the federal NMTC and would require a proportional amount of the allocation go outside the metropolitan area of the state. The credit would be effective Jan. 1, 2017,  would not be allowed to exceed the taxpayer’s liability for the year in which it’s claimed and would not be transferrable.