New markets tax credit established, report required, and money appropriated.

HF 2360 establishes a new markets tax credit program in Minnesota to incentivize investments in low-income communities. It allocates $100 million for investments in qualified businesses operating in "Greater Minnesota" counties and $100 million for "Metropolitan" counties, targeting businesses meeting specific low-income criteria. The credit provides tax benefits to investors who make equity investments in qualifying community development entities, with the credit amount calculated based on the investment and specific "credit allowance dates." The bill requires the commissioner to report on the program's implementation and appropriates funds for administration. This directly affects investors, community development entities, and businesses in designated low-income areas across Minnesota.