Looking to do some good for your fellow Minnesotans AND get a tax credit for it? You’re in luck. There’s a new state housing fund and tax credit that’s available now.
What, exactly, is this and what’s it all about? We got you covered!
Here’s Five Fast Facts on the new tax fund and credit:
- 🏠 Home Run - Minnesota’s new State Housing Tax Credit (SHTC) and Contribution fund allows individual and corporate taxpayers to invest in affordable housing across the state. They can choose to donate whatever amount of cash they’d like.
- 🧾 Where Credit is Due - Aside from helping your neighbors, donors will get a tax credit worth 85% of their contribution.
- 💰 Your Choice - Still not enough? Donors can choose the project (or projects) they wish to support or simply donate to a general pool.
- 🏡 Totals - As of November 2023, the fund has received more than $3.5M in pledges, but the housing coalition has an $11.6M goal. Most recently, Securian Financial in Saint Paul contributed $1M.
- 📅 Sign Me Up - This is the program’s first year and there are plans in place to continue if it is deemed a success. Applications are open until December 13.
🔥Bottom line: Affordable housing in this market may seem like an Adderall-fueled fever dream starring Mike Tyson, but the SHTC can help make it a reality. Even better, you get a little something back for your contribution. Can’t beat that!
Are you planning to donate?
Let us know by connecting with us on Facebook and Instagram! Also, remember to share this newsletter with your friends & coworkers!
Btw, If you’ve read this far and haven’t yet signed up for the weekly Paycheckology newsletter, CLICK HERE!
