HF2360

Purpose of the Bill

The bill aims to introduce a new markets tax credit in Minnesota. It outlines how this credit will be administered and the requirements for disclosing certain related information. The bill also mandates a report on the credit and sets aside funds for its implementation.

Main Provisions

• New Markets Tax Credit Introduction: The bill proposes creating a new markets tax credit designed to stimulate economic growth in underserved areas by encouraging private investment.
• Administration and Disclosure: The bill dictates the manner in which the tax credit will be managed, including the specifics of how information about tax credit certificates will be disclosed. Amendments will be made to existing statutes to facilitate this.
• Reporting Requirements: A report on the implementation and impact of the tax credit is required, ensuring transparency and accountability in its administration.
• Fund Appropriation: The bill approves the allocation of financial resources necessary to manage and oversee the new tax credit program.

Significant Changes to Existing Law

The bill proposes amendments to several sections of the Minnesota Statutes, specifically sections 13.4967, 116J.401, 270B.14, and 297I.20. A new chapter, 116Y, will be created to accommodate the new markets tax credit law.

Relevant Terms

new markets tax credit, private investment, economic growth, underserved areas, tax credit certificates, disclosure, report, appropriation, Minnesota Statutes.