Credit for Sales of Manufactured Home Parks to Cooperatives

To qualify, all of these must be true:

• You are paying Minnesota income tax, corporate franchise tax, or unrelated business income tax (UBIT)
• You sold a manufactured home park to a:
  • Minnesota cooperative or cooperative association
  • Minnesota charitable corporation
  • Nonprofit or a representative acting with the intent of forming a Minnesota cooperative or cooperative association
• All lot occupants own a share in the cooperative or cooperative association or hold a residential participation warrant
• The manufactured home park is physically located in Minnesota

• The manufactured home park is classified as Class 4c(5)(i) or 4c(5)(iii) property

Your credit is 5% of the sales price of the manufactured home park. The credit can be applied against your income tax, corporate franchise tax, or unrelated business income tax (UBIT).

The credit may be claimed in taxable years beginning after December 31, 2022. It is nonrefundable, but it can be carried forward five taxable years.