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SF4043 (Legislative Session 94 (2025-2026))

Minnesota housing tax credit contributions eligible recipients modification

Related bill: HF3903

AI Generated Summary

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.

Bill text versions

Past committee meetings

Actions

DateChamberWhereTypeNameCommittee Name
March 02, 2026SenateActionIntroduction and first reading
March 02, 2026SenateActionReferred toHousing and Homelessness Prevention

Citations

 
[
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "This bill amends Minnesota Statutes 2024 section 290.0683, subdivision 1, relating to the Minnesota housing tax credit.",
      "modified": []
    },
    "citation": "290.0683",
    "subdivision": "1"
  },
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "This bill amends Minnesota Statutes 2024 section 290.0683, subdivision 3, concerning eligibility or administration related to the Minnesota housing tax credit.",
      "modified": []
    },
    "citation": "290.0683",
    "subdivision": "3"
  },
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "This bill references Minnesota Statutes 2024 section 462A.40, subdivision 3, in connection with the Minnesota housing tax credit program's funding or administration.",
      "modified": []
    },
    "citation": "462A.40",
    "subdivision": "3"
  },
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "This bill references Minnesota Statutes 2024 section 462A.40, subdivision d, as part of the setaside or funding provisions for the housing tax credit program.",
      "modified": []
    },
    "citation": "462A.40",
    "subdivision": "d"
  },
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "This bill references Minnesota Statutes 2024 section 462A.40, subdivision e, in relation to the housing tax credit contribution provisions.",
      "modified": []
    },
    "citation": "462A.40",
    "subdivision": "e"
  },
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "This bill references Minnesota Statutes 2024 section 473.121, subdivision 2, concerning metropolitan definitions relevant to the housing tax credit program.",
      "modified": []
    },
    "citation": "473.121",
    "subdivision": "2"
  },
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "This bill references Minnesota Statutes 2024 section 290.01, subdivision 6, in defining the taxpayer for the Minnesota housing tax credit.",
      "modified": []
    },
    "citation": "290.01",
    "subdivision": "6"
  },
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "This bill references Minnesota Statutes 2024 section 297I.01, subdivision 16, relating to the definition of taxpayer for the housing tax credit program.",
      "modified": []
    },
    "citation": "297I.01",
    "subdivision": "16"
  }
]

Progress through the legislative process

17%
In Committee

Sponsors

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