New Markets tax credit proposal provision, credit administration provision, and appropriation

SF 2327 creates a Minnesota-specific New Markets tax credit program to incentivize investments in low-income communities. It allocates $100 million for investments in "qualified active low-income community businesses" in Greater Minnesota (non-metro counties) and $100 million for similar investments in metro counties. Investors receive tax credits over six years (0% for first two years, 10% annually for the next five) based on equity investments in qualifying community development financial institutions. The program requires businesses to meet specific criteria, such as having principal operations in low-income areas and employing at least 60% of workers locally. The Department of Revenue will administer the credit and report on its implementation.