It has been a busy week on the Historic Tax Credit front in the Minnesota Legislature! On Thursday, 4/22, an extension of the MN HTC passed in the House of Representatives as part of that body’s omnibus taxes bill. Thanks to strong bi-partisan support and the leadership of chief author Rep. Cheryl Youakim (DFL – Hopkins), the House voted to extend the HTC for eight years - until June 30, 2029.
The Senate Taxes committee also presented and voted on its omnibus taxes bill this week. The Senate bill includes a 1-year extension of the HTC, as well as a $14 million cap for projects approved in FY2022. We appreciate that Taxes chair Sen. Carla Nelson (R- Rochester) has recognized the importance of the Historic Tax Credit by including it in the bill, and look forward to the work of the conference committee that will resolve the differences between the House and Senate positions.
If your Senator or Representative co-authored either of the bills to the extend the Historic Tax Credit, please take a moment this weekend to send them a note (or Tweet or Facebook post) thanking them for their support! Senate authors of SF685 can be found here. House authors of HF724 can be found here. Special thanks are also due to members who highlighted the Historic Tax Credit during debate this week: Rep. Youakim, Sen. Kari Dziedzic (D – Minneapolis), and Sen. Matt Klein (D – Mendota Heights).
The RevitalizeMN coalition has released another video highlighting the statewide impacts of the Historic Tax Credit – check it out on Facebook! Constituents of Sen. Jeremy Miller (R – Winona), who is the lead author of the Senate HTC sunset extension bill, might recognize a few places!