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Report: Minnesota historic rehab tax credit spurs $180 million in local economic activity by repurposing seven historic schools

*Saint Paul* — A report released by the Minnesota State Historic Preservation Office (SHPO) finds that a state tax credit for rehabbing seven historic school buildings will generate $180 million in economic activity within Minnesota and support nearly 800 jobs.

The Minnesota Historic Rehabilitation Tax Credit was created as a tool to stimulate job growth, increase local tax bases, and revitalize communities throughout the state.  A tax credit of up to 20 percent is provided on qualifying expenses for historic properties that also qualify for a similar federal historic tax credit.

Additional benefits of the credit include efficient use of resources, improved neighborhoods and assets, and innovative use of existing places.

*“The reinstatement of the Historic Tax Credit as recommended in Governor Walz’s 2023 budget is an incredible economic development tool for large and small communities across the state,” said Administration Commissioner Tamar Gronvall. “This report demonstrates how this valuable financial incentive can be used to revitalize historic structures and contribute to a community’s economic vitality.”*

Minnesota’s historic tax credit law was originally enacted in 2010 and expired in 2022. There were no new applications during state fiscal year 2023 due to the sunset of the law, which was reinstated July 1, 2023.

More information about the Minnesota Historic Rehabilitation Tax Credit and the latest report can be found on the State Historic Preservation Office’s website at www.mn.gov/admin/shpo/incentives/state/. The analysis was completed by the University of Minnesota’s Extension Center for Community Vitality.



For additional information, contact:
Communications Director Julie Nelsen at (651) 283-7644 or [email protected]



*Minnesota State Historic Preservation Office: *Established in 1969, the Minnesota State Historic Preservation Office leads preservation initiatives in Minnesota and carries out the nation's historic preservation program. It is part of a network of state offices provided for under the National Historic Preservation Act of 1966.

Previous stats from 2022 report:

Since 2010, historic tax credit projects have generated an estimated $5.0 billion in economic activity in Minnesota. The credit has supported 28,480 jobs and $1.9 billion in labor income.

An analysis of tax collections for three completed projects throughout Minnesota shows that for $3.7 million in awarded credits, 66% is returned to state and local governments in tax collections upon project completion, and within eight years, tax collections exceeded the credits awarded.






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