Statute of Limitations for Audits (Jan. 1, 2011)
The Minnesota Department of Revenue normally can audit your originally filed return for up to 3 1/2 years after it was due or filed (whichever is later).
However, this time limit is extended to 6 1/2 years if the department determines that you underpaid the tax by 25 percent or more on your original return. This applies to returns filed after Dec. 31, 2010. View the statute, M.S. 297I.65, subd. 4.
Historical Structure Rehabilitation Credit (May 1, 2010)
A refundable credit is available to taxpayers who are eligible for the Federal Historic Rehabilitation Credit for improving a certified historic structure located in Minnesota. The credit may be assigned to others, including insurance companies (Minnesota Statute 297I.20, subd. 3).
To qualify for the Minnesota credit, the project developer must apply for approval from the State Historic Preservation Office (SHPO) of the Minnesota Historical Society before any rehabilitation of the structure begins. For contracts entered into after May 1, 2010, the credit is equal to 100 percent of the federal credit.
For eligibility requirements and information on how to apply for approval, go to the SHPO website at www.mnhs.org/shpo.
To claim the credit, see the instructions for the appropriate line of the tax return. You must attach the credit certificate you received from the SHPO to your return.
