The Tax Cuts and Jobs Act modified the federal historic structure rehabilitation credit by requiring the credit amount to be spread over five years. This bill would explicitly provide that the Minnesota historic structure rehabilitation credit must be allowed in full in the taxable year the qualified building is placed in service. Under current law, credit recipients may assign the credit to another taxpayer. The bill makes this provision applicable a subsequent assignee of the credit. Also under current law, the credit is set to sunset after fiscal year 2021 but the state historic preservation office may issue credit certificates for allocations issued before fiscal year 2022. The bill repeals the credit sunset. Effective beginning in tax year 2019.