Minnesota HF3903 modifies eligibility for the Minnesota housing tax credit contributions and requires a set-aside for credit allocations.

Minnesota HF3903 amends the eligibility criteria for the Minnesota housing tax credit contributions. It disqualifies individuals and businesses that made contributions to the account in the current or previous taxable year and received a credit certificate. It also requires the Minnesota Housing Finance Agency to set aside 50 percent of credits for contributions to qualified projects located in greater Minnesota. The bill modifies definitions and restrictions on the use of funds, and it limits the aggregate amount of tax credits allowed to all eligible contributors to $9,900,000 annually.

Minnesota HF3903 modifies eligibility for the Minnesota housing tax credit contributions and requires a set-aside for credit allocations.

Minnesota HF3903 amends the eligibility criteria for the Minnesota housing tax credit contributions. It disqualifies individuals and businesses that made contributions to the account in the current or previous taxable year and received a credit certificate. It also requires the Minnesota Housing Finance Agency to set aside 50 percent of credits for contributions to qualified projects located in greater Minnesota. The bill modifies definitions and restrictions on the use of funds, and it limits the aggregate amount of tax credits allowed to all eligible contributors to $9,900,000 annually.