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MN HF3040
Bill
Status
4/30/2012
Primary Sponsor
Jenifer Loon
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AI Summary
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Eliminates inflationary growth from the areawide pool and phases down the contribution percentage from 37% to 20% between 2014 and 2023, stabilizing at 20% thereafter.
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Removes the 1971 base value subtraction for commercial-industrial property and introduces a new "aid-equivalent market value" calculation for municipalities receiving state aid.
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Modifies the definition of fiscal capacity to include aid-equivalent market value and limits distributions from the pool for municipalities with above-average fiscal capacity.
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Directs 50% of remaining light rail transit operating costs to be funded from the areawide pool rather than the state, requiring the Metropolitan Council to certify required amounts by July 1 annually.
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Adjusts the areawide net tax capacity calculation by subtracting a tax capacity set-aside for light rail transit operations from the total amount available for municipal distributions, effective for taxes payable in 2014 and thereafter.
Legislative Description
Inflation growth eliminated from the areawide pool, contribution percentage phased down, 1971 base value subtraction eliminated, distributions limited from the pool for certain municipalities, fiscal capacity definition modified, and areawide pool portion provided to be used for economic development by funding costs related to light rail transit.
Last Action
Introduction and first reading, referred to Taxes
4/30/2012