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S.F. No. 397 - Sunset Extension for Historic Structure Rehabilitation Tax Credit
 
Author: Senator David H. Senjem
 
Prepared By: Nora Pollock, Senate Counsel (651/297-8066)
 
Date: March 19, 2013



 

Under current law, the Minnesota historic structure rehabilitation credit is available through fiscal year 2015 (June 30, 2014), but the State Historic Preservation Office has the authority to issue credit certificates based on allocation certificates issued before fiscal year 2016 (July 1, 2015) through calendar year 2018.  The Minnesota Historical Society is required to report annually on the economic impact to the state from the rehabilitation of property for which credits or grants are provided.  This reporting requirement applies through the earlier of 2019, or the year following the year in which all allocation certificates have been canceled or resulted in issuance of credit certificates. 

This bill extends the availability of the credit by five years, through fiscal year 2022 (June 30, 2021) and extends the State Historic Preservation Office’s authority to issue credit certificates based on allocation certificates issued before fiscal year 2023 (July 1, 2022) through calendar year 2025.  Extends the annual reporting requirement through the earlier of 2026, or the year following the year in which all allocation certificates have been canceled or resulted in issuance of credit certificates.  Effective the day following final enactment. 

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