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Historic Tax Credit Update

Rethos and other members of the RevitalizeMN coalition expect that Minnesota Senate Taxes Committee chair Sen. Carla Nelson (R, Rochester) will release a second taxes bill this week – and the big question is whether it will include an extension of the state Historic Tax Credit and, if so, for how long. Before the Easter/Passover break, Sen. David Senjem (R, Rochester) voiced his strong support for the bill he authored to extend the Historic Tax Credit. Now would be a great time to contact your MN Senator and ask them to stand with Sen. Senjem, and to work with Sen. Nelson to include an 8-year extension for the MN HTC! You can send your senator a message via the RevitalizeMN webpage, or look up their direct contact info on the MN Senate website. (Not sure who your senator is? You can find that out here!)

Stay tuned to Rethos social media later this week, as the MN House of Representatives is due to take up its omnibus taxes bill in the coming days and we’ll keep you posted! The House bill, should it pass as expected, will include an 8-year extension and a provision restoring the HTC to a single credit (instead of spread out over five years).

ICYMI, watch a recording of last week’s RevitalizeMN Forum about how the Minnesota Historic Tax Credits are good for small business growth and development!


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