Minnesota SF2171 introduces a refundable construction exemption for new single-family residential housing for first-time homebuyers.

Minnesota SF2171 amends state statutes to provide a refundable construction exemption for new single-family residential housing for first-time homebuyers. The exemption applies to materials and supplies used in the construction of the housing, with a limit on the tax refund for the first $460,000 of construction costs. To qualify, the first-time homebuyer must own and occupy the housing. The tax exemption is effective for sales and purchases made after June 30, 2025.

Minnesota SF2171 introduces a refundable construction exemption for new single-family residential housing for first-time homebuyers.

Minnesota SF2171 amends state statutes to provide a refundable construction exemption for new single-family residential housing for first-time homebuyers. The exemption applies to materials and supplies used in the construction of the housing, with a limit on the tax refund for the first $460,000 of construction costs. To qualify, the first-time homebuyer must own and occupy the housing. The tax exemption is effective for sales and purchases made after June 30, 2025.