Minnesota SF2327 proposes a new markets tax credit for investments in low-income community businesses.

Minnesota SF2327 introduces a new markets tax credit to incentivize investments in low-income community businesses. The bill outlines the criteria for qualified active low-income community businesses and the requirements for qualified equity investments. It specifies that businesses deriving over 15% of their revenue from real estate rental or sales are ineligible, except for those under common control with another business. The bill also sets up an allocation system for credits, with $100 million for greater Minnesota counties and $100 million for metropolitan counties.

Minnesota SF2327 proposes a new markets tax credit for investments in low-income community businesses.

Minnesota SF2327 introduces a new markets tax credit to incentivize investments in low-income community businesses. The bill outlines the criteria for qualified active low-income community businesses and the requirements for qualified equity investments. It specifies that businesses deriving over 15% of their revenue from real estate rental or sales are ineligible, except for those under common control with another business. The bill also sets up an allocation system for credits, with $100 million for greater Minnesota counties and $100 million for metropolitan counties.