Purpose of the Bill

The bill aims to establish a new markets tax credit in Minnesota. This credit is part of a strategy to encourage investment in low-income and economically distressed areas by providing tax incentives to investors.

Main Provisions

• New Markets Tax Credit: The bill introduces a new markets tax credit, which is designed to spur economic development in underserved communities by attracting private investments.
• Disclosure and Administration: It lays out provisions for the administration of this tax credit. It also allows for the disclosure of certain information related to the issuance of the tax credit certificates to ensure transparency and compliance.
• Reporting Requirement: The bill mandates a report to be created, presumably detailing the effectiveness or impact of the tax credit, although the specifics are not detailed in the provided text.
• Appropriation of Funds: There is a provision for the appropriation of money, suggesting that funds will be allocated, though the exact usage is not specified in the text.

Significant Changes to Existing Law

• Amendments to Existing Statutes: The bill proposes amendments to several sections of the Minnesota Statutes 2024. It adds new legal provisions specifically under a newly coded Minnesota Statutes chapter 116Y.
• Information Disclosure: The bill modifies current statutes to include provisions related to the disclosure of information regarding the new markets tax credit.

Relevant Terms

new markets tax credit, taxation, economic development, low-income areas, investment incentives, information disclosure, Minnesota Statutes, appropriation