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House bill would create state-level new markets tax credit program to steer investment to Greater Minnesota
Summary
A bill before the Minnesota House Tax Committee would create a $200 million, state-level New Markets-style tax credit program, with at least half the allocation targeted to Greater Minnesota; supporters said it would attract private capital to underserved communities, while some members raised budget and distribution concerns.
A bill to create a state-level New Markets-style tax credit program was heard April 9 before the Minnesota House Tax Committee. Representative Tim Swadzinski moved House File 2360, which would authorize a $200 million state allocation modeled on the federal New Markets Tax Credit program and reserve at least $100 million for Greater Minnesota.
Proponents said the program would attract private investment to communities that receive relatively little New Markets funding under the federal program. Alex Stepanek of Advantage Capital, an impact investor, told the committee that…
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