MN SF2987

Provides sales tax exemption for construction materials, supplies, and equipment used in construction or improvement of new or expanding businesses in St. Charles, effective for sales after June 30, 2010 and before July 1, 2015.

Qualifying businesses must create a minimum of five full-time equivalent jobs or increase workforce by 20 percent, whichever is greater.

Tax is collected at the standard rate under section 297A.62, subdivision 1, and then refunded after June 30, 2011 in the manner provided in section 297A.75.

Authorizes the city of St. Charles to create an economic development tax increment financing district and use tax increments without regard to limitations in Minnesota Statutes, section 469.176, subdivision 4c.

Tax increment revenues from the district may be used to provide building materials and equipment that offer energy efficiencies to new business facilities located in the district.