MN Tax Credit
Do you or your company have a Minnesota tax liability?
You can turn that debt into a tax credit!
The MN Legislature has passed a bill to incentivize taxpayers to support affordable housing projects. The State Housing Tax Credit Program and Contribution Fund is a new way to help finance affordable housing in our communities. Eligible Minnesota taxpayers can contribute to specific projects and, in return, receive a state Tax Credit Certificate for 85% of their contribution to be used on their tax return. The required minimum gift is $1,000 with a max of $2 million. This is a great opportunity to assist our community in creating more affordable housing! Instead of paying the Minnesota Department of Revenue, we can keep those tax dollars local!
For example, if you owe $1,700 on your Minnesota state income taxes as a business or an individual, you can donate $2,000 to our current project. You will receive a certificate for a $1,700 tax credit and we will receive a $2,000 donation! This is a win-win situation, and we encourage you to take advantage of it! The tax credits are available on a first-come, first-served basis, and the funds are limited to $5.8 million across the state.
More information is available at https://www.mnhousing.gov/shtc-contribution.html.
Please don’t hesitate to contact us if you have questions or need assistance in applying.
To contribute to our current project and receive your tax credit:
1) Visit https://mhponline.org/mhp_projects/house-24-morrison-county/
Select “Specific Qualified Project” and enter:
Project Name:
House 24 Morrison County
Developer:
Habitat for Humanity of Morrison County
Contact Phone and Email:
320-616-2084
2) MN Housing will then email a form with taxpayer instructions.
3) Submit the form and your contribution to MN Housing and within 30 days you will receive the tax credit certificate.
*Remember that funds are first-come, first-served, so don’t delay!