Minnesota Strategic Industrial Development Enhancement tax credits established, and rulemaking authorized.

HF 2049 creates tax credits for Minnesota businesses and industrial projects in specific locations. It allows eligible entities (Minnesota-based businesses with qualifying projects in industrial parks, economic zones, or near railroads in counties under 250,000 population) to claim a 10% credit on qualified economic development costs (up to $8 million per project) and a 50% credit on qualified rail infrastructure costs (up to $4 million per project), with a total cap of $10 million per project. Applicants must submit detailed project plans, cost breakdowns, and job creation projections to the commissioner, who will verify eligibility and allocate credits subject to an annual $50 million statewide limit. Unused credits can be carried forward for up to five years.