This bill proposes the establishment of a New Markets Tax Credit in Minnesota, aimed at encouraging investments in economically distressed areas. Key provisions of the bill include:

• Creation of a New Markets Tax Credit: A tax incentive intended to stimulate private sector investment in low-income communities.
• Administration and Oversight: Specifies how the credit will be managed and regulated.
• Disclosure Rules: Allows for certain information related to the issuance of these tax credits to be disclosed under existing tax statutes.
• Reporting Requirements: Mandates that reports be submitted to track the program's effectiveness.
• Appropriation of Funds: Allocates necessary funding to implement and oversee the credit.
• Amendments to Existing Laws: Modifies sections of the Minnesota Statutes (2024) to accommodate the new credit, specifically altering statutes on taxation, economic development, and data disclosure.

The bill was introduced by Representative Swedzinski, read for the first time, and referred to the Committee on Taxes for further consideration.