Report: Expired Minnesota HTC Could Generate Nearly $350 Million

Thursday, April 6, 2023 - 10:15AM

Minnesota’s state historic rehabilitation tax credit (HTC) developments in fiscal year 22 (FY22) are expected to generate nearly $350 million of economic activity, according to a report released earlier this week by the University of Minnesota Extension. “Economic Impact of Projects Leveraged by the Minnesota Historic Rehabilitation Tax Credit: Fiscal Year 2022” found that, from 2011 through 2022, Minnesota’s state HTC generated more than $5.8 billion in economic activity. Minnesota’s HTC, enacted in 2010, expired June 30, 2022.

Learn more about building a capital stack for historic rehabilitations with the March 21, 2023, episode of the Novogradac Tax Credit Tuesday podcast.

Learn more about Novogradac's expertise and many services