On Monday, March 29, 2010, the Minnesota House and Senate both passed HF 2695 and sent it to the Governor for signature. The Governor is expected to sign it.
The bill includes the following provisions:
- An investment credit for “angel” type venture capital investments
- A refundable historic structure rehabilitation credit
- Authority for local governments to finance energy conservation improvements and collect repayments as special assessments (at the request of the property owner)
- Authority of the Public Finance Authority to issue revenue bonds for city transportation projects
- Compact development tax increment financing districts
- Expanded authority to temporarily use TIF for economic development
- Expanded authority to use excess TIF revenues for construction of new private development
- Provision of modified JOBZ benefits to the Ford Motor Company site in St. Paul, if certain conditions are met
- Expanded authority for several cities to use TIF for housing replacement
- Additional flexibility for the city of Bloomington to develop the Mall of America site
- An appropriation for additional tax compliance activities expected to result in new general fund revenue beginning in fiscal year 2011
- Distributions to taconite cities and townships for public works projects (from taconite production revenue) and makes other miscellaneous mineral changes
SUMMARY
Overall, the bill does provide refundable credit opportunities for taxpayers that meet all of the qualifications and criteria provided. Upfront negotiation, annual reporting and pre-certification may be required depending on the credit you are attempting to obtain.
Please contact me at brian.strahle@bakertilly.com for assistance in helping you qualify and obtain any of these new credits, etc.
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