NEAR FINAL DRAFT 8/1/24

                                                                                                                                             *247081*
2024 MHP, Credit for Sales of Manufactured  
Home Parks to Cooperatives 
For taxpayers who sell a manufactured home park to a cooperative

Name of Taxpayer                               FEIN or Social Security Number                                       Minnesota Tax ID

Part 1 — Qualifications
Check the box if the answer is “yes”.

  1  Are you filing an income tax or corporate franchise tax return? ..... ...... ...... ..... ...... ..... ....... ..... ..... ....... .                1

  2  Did you sell a manufactured home park to a (1) cooperative or cooperative association, (2) charitable corporation,  
   or (3) nonprofit or a representative acting with the intent of forming a cooperative or cooperative association?... ...... ...... ...                 2
  3  Will the person(s) who owns a share in the cooperative or cooperative association, or holds residential participation  
   warrant, be entitled to occupy a lot on the manufactured home park after the sale? ..... ....... .... ...... ...... ...... ......                     3

  4  Was the manufactured home park located in Minnesota?... ...... ..... ....... ..... ..... ...... ..... ...... ...... ...... ...                      4

  5  Was the manufactured home park classified as Class 4c(5)(i) or 4c(5)(iii) property?       ... ...... ..... ....... ..... ...... ..... .....         5
You must have checked all questions in Part 1 to qualify for the manufactured home park tax credit.  
See the schedule instructions for more details regarding the qualifications.

Part 2 — Credit Calculation
  1  Sales price for the manufactured home park... ...... ..... ....... ..... ...... ..... ..... ...... ...... .....                                1  

  2  Multiply line 1 by 5% (0.05). This is the amount of your credit ..... ...... ..... ...... ..... ....... ...... ....                            2    

                                                                     9995

                                                          DRAFT 6/24/24
2024 Schedule MHP Instructions

What is Schedule MHP?
You must complete Schedule MHP to claim the Credit for Sales of Manufactured Home Parks to Cooperatives as a qualified seller. The credit 
is equal to five percent of the amount of the sales price of the qualified property.
The credit can be claimed against income, corporate franchise, or unrelated business income taxes. The credit is nonrefundable and may be 
carried forward to five succeeding taxable years.

Schedule MHP must be filed with one of the following forms:
•  Form M1, Individual Income Tax Return
•  Form M2, Income Tax Return for Estates and Trusts
•  Form M3, Partnership Return
•  Form M4, Corporate Franchise Tax Return
•  Form M8, S Corporation Return
•  Form M4NP, Unrelated Business Income Tax (UBIT) Return

What is Qualified Property?
To be eligible for the tax credit, the manufactured home park must be both of the following:
•  Located in Minnesota
•  Classified as class 4c(5)(i) or 4c(5)(iii) under Minnesota Statute section 273.13, subdivision 25, paragraph (d).

Who is a Qualified Seller?
To be eligible for the tax credit, the seller must be paying income, corporate franchise, or unrelated business income tax, and sell the qualified 
property to one of the following entities:
•  A cooperative or association organized under state Chapter 308A or 308B, where each person who owns a share(s) would be entitled to 
occupy a lot within the qualified property after the sale.
•  A charitable corporation, organized under the laws of Minnesota with no outstanding stock, holding a tax-exempt status through the IRS, 
and whose members hold residential participation warrants entitling them to occupy the units in the manufactured home park.
•  A nonprofit or representative acting on behalf of residents (as defined in Minn. Stat. 327C.015, subd. 13) who purchases the property on 
behalf of the residents who intend to form a cooperative or association.

Line Instructions
If you enter a Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN), you do not need to enter a Minnesota Tax 
ID number.
Part 1
Check each box that the answer is “yes” relating to you and your sales transaction. You must have checked all questions in Part 1 to qualify 
for the manufactured home park tax credit. Refer to the instructions above for additional details regarding qualifications.
Part 2
Line 1 – Sales Price
Include the final sales price for the manufactured home park sale. The sale should be as a result of a third-party transactions and at fair market 
value. 
Line 2 – Credit Amount
The result of line 2 is your manufactured home park tax credit. Include the credit on the appropriate following line:

If you’re a                     Include credit on
C corporation                   Form M4T, line 23
S corporation                   Form M8, line 12*
Partnership                     Form M3, line 11*
Sole proprietor                 Schedule M1C, line 13
Fiduciary                       Form M2, line 21
Tax-exempt organization         Form M4NPI, line 4d
*Any remaining credit may be passed through to partners and shareholders.