Minnesota Tax Credit Proposal Targets Pandemic-Affected Buildings for Revitalization

Minnesota hopes to rehabilitate towns impacted by the outbreak by utilizing a proposed tax credit. Repurposing property is encouraged by the Conversion of Underutilized Structures Tax Credit (CUB), which targets long-vacant structures.

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Minnesota Legislature Proposes Tax Credit to Revive Pandemic-Impacted Buildings

The Minnesota Legislature has put forth a daring plan to revitalize dilapidated buildings in reaction to the pandemic’s economic effects. In an article from Finance Commerce, the Conversion of Underutilized Buildings Tax Credit (CUB) is a policy that provides financial incentives to property owners who have large vacant spaces.

If approved, suitable properties that have been 50% vacant or more for five years or more may be eligible for a tax credit equal to up to 30% of the cost of conversion. Repurposing these properties, according to supporters, is crucial for reviving communities, especially in urban areas.

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Support Grows for Minnesota’s Proposed Building Revitalization Tax Credit

Important parties are beginning to support Minnesota’s proposed Conversion of Underutilized Buildings Tax Credit (CUB). With the backing of prominent individuals such as Minneapolis Mayor Jacob Frey, the law seeks to revitalize neighborhoods impacted by the pandemic. Proponents assert that in addition to boosting the economy, the tax credit will combat blight and encourage safer neighborhoods. Nonetheless, questions remain over the initiative’s total cost as well as its possible effect on property tax values.

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