Underutilized buildings conversion refundable tax credit proposal, sunset for the credit provision, and appropriation

This bill creates a refundable tax credit for developers converting underutilized buildings in Minnesota. It allows a credit equal to up to 30% of qualifying conversion costs for projects that meet specific criteria: the building must be at least 15 years old, either repurposed from one commercial use to another or had 50% vacancy for 5+ years, and retain at least 75% of existing external walls and structural framework. The credit is claimable in the year the project is completed and placed in service, with applicants required to apply before conversion begins and submit financial details. The credit expires after a set period (sunset provision), and applications are processed through the Department of Employment and Economic Development.