Minnesota HF2360 establishes a new markets tax credit to incentivize investments in low-income communities.

Minnesota HF2360 creates a new markets tax credit to encourage investments in low-income communities. Qualified community development entities can apply for up to $100,000,000 in credits for investments in greater Minnesota or metropolitan counties. The credit is subject to recapture if certain conditions are not met, such as maintaining investments in low-income communities. The bill also establishes a Minnesota new markets tax credit account in the state treasury and requires annual reporting by community development entities.

Minnesota HF2360 establishes a new markets tax credit to incentivize investments in low-income communities.

Minnesota HF2360 creates a new markets tax credit to encourage investments in low-income communities. Qualified community development entities can apply for up to $100,000,000 in credits for investments in greater Minnesota or metropolitan counties. The credit is subject to recapture if certain conditions are not met, such as maintaining investments in low-income communities. The bill also establishes a Minnesota new markets tax credit account in the state treasury and requires annual reporting by community development entities.