PUBLIC POLICY
PUBLIC POLICY
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Recent Policy Updates
16,500 jobs have been created since the
Historic Tax Credit was enacted in Minnesota in 2011.
Minnesota Tax Credit
Minnesota's Historic Tax Credit Structure Rehabilitation Tax Credit (MN Statute 290.0681), passed into law in 2010, has been a successful economic development tool for revitalizing distressed, vacant, and underutilized historic properties throughout the state. The credit provides a refundable income tax credit equal to 20% of qualified rehabilitation expenses made to buildings listed in the National Register of Historic Places and used for income-producing purposes (including office, industrial, retail, hospitality, and rental residential).
Elected officials from both parties support Historic Tax Credits.
“The Historic Structure Rehab Tax Credit is a significant program from the standpoint of preserving buildings that would otherwise be demolished, given up on. These buildings are now tax-paying buildings, [housing] tax-paying citizens, and they’re working well for the citizenry of Minnesota.”
"It is critical that we preserve the treasures of Minnesota's rich cultural history for the coming generations to enjoy.”
- Congresswoman Angie Craig, MN-02 – DFL
4,800 housing units have been created or retained through use of Federal and state Historic Tax Credits since 2011 – an average of 600 units per year!
- Senator David Senjem, MN-25, R