SF4043

Purpose

• The bill relates to housing and aims to modify who is eligible to receive Minnesota housing tax credit contributions and to require a set-aside (a reserved portion) of credit allocations. It also updates the statutory framework by amending specific sections of Minnesota law.

Main Provisions

• Modify eligible recipients for Minnesota housing tax credit contributions.
• Require a set-aside for credit allocations (reservation of a portion of allocations for a defined purpose or group).
• Amend the following statutes to implement these changes:
  • Minnesota Statutes 2024 section 290.0683 subdivision 1
  • Minnesota Statutes 2024 section 462A.40 subdivision 3

Changes to Existing Law

• Establishes and clarifies key terms used in the housing tax credit context, including:
  • Agency: Minnesota Housing Finance Agency (MHFA).
  • Greater Minnesota: the part of Minnesota outside the metropolitan area.
  • Metropolitan area: defined as in section 473.121 subdivision 2.
  • Minnesota housing tax credit contribution account: the account created under section 462A.40.
  • Qualified project: a project that qualifies for a grant or loan under section 462A.40.
  • Taxpayer: a person or entity defined as a taxpayer under specific statutes (290.01 subdivision 6 or 297I.01 subdivision 16).
• The definitions help determine who can receive tax credit contributions and how projects are categorized for eligibility.
• By modifying these definitions and adding a set-aside requirement, the bill changes the criteria and process for distributing tax credit contributions and allocating tax credits.

Key Definitions and Terms (as introduced)

• Agency: Minnesota Housing Finance Agency.
• Greater Minnesota: area outside the metropolitan area.
• Metropolitan area: as defined by section 473.121 subdivision 2.
• Minnesota housing tax credit contribution account: the account established in section 462A.40.
• Qualified project: a project that qualifies for a grant or loan under section 462A.40.
• Taxpayer: a taxpayer as defined in section 290.01 subdivision 6 or a taxpayer as defined in section 297I.01 subdivision 16.

Relevant terms and phrases from the bill appear here to guide understanding of eligibility, funding channels, and geographic applicability.

Relevant Terms - Minnesota housing tax credit contributions - Minnesota Housing Finance Agency (MHFA) - Greater Minnesota - Metropolitan area - Tax credit contribution account - Qualified project - Taxpayer - Set-aside - Credit allocations

Relevant Terms

• Minnesota housing tax credit contributions
• MHFA
• Greater Minnesota
• Metropolitan area
• Credit contribution account
• Qualified project
• Taxpayer
• Set-aside
• Credit allocations

Note: The above terms reflect the key concepts and definitions presented in the bill excerpt and their likely role in implementing the changes.