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Senate committee considers extending timeline and transferability for historic rehabilitation tax credit
Summary
Senate File 2115 would extend the placement‑in‑service window for the state historic rehabilitation tax credit from three to six years, allow a second reassignment of credits, and requires returns from original and assigned certificate holders; the bill was amended and laid over for further consideration.
Senate File 2115, introduced in the Minnesota Senate Taxes Committee, would change two features of the state's historic rehabilitation tax credit: it would extend the required placement‑in‑service deadline for projects from three years to six years and allow an additional assignment of credit certificates before the first assignee claims payment. The committee adopted the author's amendments by voice vote and laid the bill over for further consideration.
The author's amendment makes the extended placement‑in‑service period effective retroactively for projects with…
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