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MN HF2629
Bill
Status
3/3/2014
Primary Sponsor
Jason Metsa
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AI Summary
HF2629 Summary
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Establishes cooperative secondary school facilities program allowing two or more school districts to jointly operate secondary schools with enhanced curriculum offerings and eligibility for consolidation transition aid of $300 per adjusted pupil unit for up to five years.
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Creates 5.5 percent excise tax on mineral royalties with revenues deposited into new Iron Range school construction and improvement trust account to finance school buildings and improvements in taconite tax relief area districts.
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Increases taconite production tax allocations including $2,500,000 annual contribution to Iron Range school construction trust account beginning 2015 distribution and provisions for taconite payment increases.
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Authorizes Iron Range school construction trust account distributions: $600,000 annually to ISD 2711 Mesabi East, $1,500,000 to ISD 2142 St. Louis County, and $5,500,000 to ISD 706 Virginia for debt service reduction over specified periods.
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Authorizes Douglas J. Johnson economic protection trust fund to pay school district bonds if Iron Range school construction account funds are insufficient and permits state bond issuance for cooperative facilities grants.
Legislative Description
Education finance; cooperatively authorized secondary programs encouraged and aid expanded, excise tax imposed on royalties, income and corporate franchise tax credit allowed, taconite production tax rate increased, distribution of production taxes modified, school bond payment security provided, Douglas J. Johnson economic protection trust fund uses authorized, trust account established to finance school facilities on the Iron Range, bonds issued, and money appropriated.
Last Action
Committee report, to adopt as amended Taxes
3/13/2014