Minnesota's Historic Tax Credit (HTC) program, which provides a 20% tax credit toward qualified rehabilitation expenses, is at risk of ending if the state legislature doesn't reconvene for a special session. The program will sunset on June 30th without legislative action. Legislation in the state House would extend the program for 8 years, while legislation in the state Senate would permanently extend the program. Both of these proposals enjoy broad bipartisan support, but are caught up in debate on a larger tax bill. Lawmakers failed to approve a larger tax bill, included an extension of Minnesota's HTC, before the end of the legislative session.
Since Minnesota's Historic Tax Credit was established in 2010, more than 130 historic buildings have been rehabilitated and the economic impact has been substantial. State HTC projects have generated $5 billion in economic activity, supported 20,000 jobs and produced $1.9 billion in labor income. The program returns $11.30 in economic activity for every $1 in tax credits.
Advocates across Minnesota are rallying together to urge their state officials to reconvene and renew this incredibly successful program. Check out our partners at RETHOS and RevitalizeMN to learn more and find out how you can take action!