SF2327 (Legislative Session 94 (2025-2026))
New Markets tax credit proposal provision, credit administration provision, and appropriation
Related bill: HF2360
AI Generated Summary
This bill (S.F. No. 2327) proposes the creation of a New Markets Tax Credit in Minnesota. The key components of the bill include:
- Establishing a New Markets Tax Credit to provide financial incentives for investments in economically distressed areas.
- Administration and Oversight of the credit, ensuring compliance with regulations.
- Disclosure Rules, allowing for the release of certain information related to the issuance of these tax credits, governed under Minnesota Statutes section 270B.14.
- Reporting Requirements, mandating periodic reports to evaluate the effectiveness of the credit.
- Appropriation of Funds to support the implementation of the program.
Additionally, the bill amends existing Minnesota Statutes (sections 13.4967, 116J.401, 270B.14, and 297I.20) and introduces a new chapter (116Y) to codify this tax credit into law.
Bill text versions
- Introduction PDF file
Actions
| Date | Chamber | Where | Type | Name | Committee Name |
|---|---|---|---|---|---|
| March 09, 2025 | House | Floor | Action | Introduction and first reading | |
| March 09, 2025 | Senate | Floor | Action | Introduction and first reading | |
| March 09, 2025 | House | Floor | Action | Referred to | Taxes |
| March 09, 2025 | Senate | Floor | Action | Referred to | Taxes |
| March 26, 2025 | Senate | Floor | Action | Author added | |
| March 26, 2025 | Senate | Floor | Action | Author added |
Citations
[
{
"analysis": {
"added": [
"Enhanced criteria for economic assistance eligibility."
],
"removed": [
""
],
"summary": "Amends state economic development statutes regarding funding procedures.",
"modified": [
"Clarifies reporting requirements for beneficiaries."
]
},
"citation": "116J.401",
"subdivision": "subdivision 3"
},
{
"analysis": {
"added": [
"Provisions for new markets tax credit data disclosure."
],
"removed": [
""
],
"summary": "Modifies disclosure regulations related to tax data.",
"modified": [
"Refines conditions under which tax information may be shared."
]
},
"citation": "270B.14",
"subdivision": "subdivision 2"
}
]