The legislative bill proposes a new tax measure in Minnesota to support the revitalization of underused buildings. The bill introduces a refundable tax credit aimed at projects that convert old or partially vacant buildings into habitable, income-generating properties. The credit covers up to 30% of the total costs for eligible conversion projects.

Key elements of the bill include: 1. Definitions of necessary terms such as "qualifying conversion expenses" which include costs incurred in converting buildings at least 15 years old or that have had significant vacancies. 2. Eligibility requirements to ensure substantial portions of the original structure are retained while converting it. 3. Provisions for both tax credits and grants. Applicants can choose either option or a combination of both, depending on their project. 4. Specific guidelines for applying and securing these financial incentives through the Commissioner of Employment and Economic Development. 5. The establishment of a special account, funded by application fees, to manage the administration of these credits and grants. 6. Provisions to issue, sell, or transfer the credit certificates. 7. Measures to ensure fair distribution of credits in cases of partnerships or multiple owners. 8. Conditions where any unused credits could be refunded. 9. Ongoing oversight and reporting requirements to monitor the economic impact, including job creation and material reuse. 10. A sunset clause outlining the expiration of the program by fiscal year 2031, with certain provisions extending to 2036 related to ongoing projects.

Overall, the bill aims to incentivize the redevelopment of underused buildings, thereby boosting economic activity and job creation in communities across Minnesota while ensuring adherence to sustainability practices.