Senate Bill SF No. 768 proposes a new tax incentive program aimed at encouraging the redevelopment of underutilized buildings in Minnesota. Here are the key aspects of the bill:

1. Tax Credit or Grant: The bill introduces a refundable tax credit or grant for developers, owners, or taxpayers who undertake projects to convert old or underused buildings. The financial incentive covers up to 30% of the total costs involved in converting these buildings for new uses.

2. Eligibility Criteria: To be eligible for the credit or grant, the building must:

   • Have been initially used at least 15 years prior to the conversion.
   • Either change its use significantly (e.g., from one type of business to another for which it wasn't originally designed) or have been at least 50% vacant for no less than five years. After conversion, the building should become habitable and income-producing again.
   • Maintain 75% of its external walls (with 50% as external) and 75% of its internal structural framework.

3. Application Process: Those interested must apply for the credit or grant through the Minnesota Commissioner of Employment and Economic Development before beginning their project. The application must detail the project's financials, the work planned, and demographic information about the people involved.

4. Administration and Oversight: A special account will manage the processing fees and costs associated with administering this credit. The projects can be audited, and decisions can be challenged through a formal process.

5. Credit Certificate and Transferability: Once a project is completed, a credit certificate is issued to the taxpayer, which can be transferred up to two times before being claimed.

6. Partnerships and Multiple Owners: If a project is owned by multiple entities like partnerships or corporations, the credit is distributed according to ownership stakes or specific agreements.

7. Refundability: If the credit exceeds the taxpayer's liability, the remainder will be refunded.

8. Funding: Necessary funds for these incentives will come from the state's general fund.

9. Reporting and Sunset: The bill requires periodic reporting on the economic impact of the projects and sets a sunset date for the program, which will expire after fiscal year 2031 unless extended by additional legislation.

Overall, this bill aims to revitalize older buildings, stimulate economic development, and encourage urban renewal through financial incentives.