HF2771 Summary

• Repeals the Iron Range fiscal disparities program (chapter 276A) effective for taxes payable in 2015 and thereafter, replacing all references to chapter 276A with chapter 473F (the metropolitan fiscal disparities program).

• Amends multiple statutes to remove references to the Iron Range fiscal disparities program and correct cross-references to the metropolitan fiscal disparities program under chapter 473F.

• Modifies the definition of "revenue base" in local government aid calculations to remove the Iron Range fiscal disparities distribution and reference only the metropolitan fiscal disparities distribution under section 473F.08.

• Updates tax increment financing provisions to reference only chapter 473F fiscal disparities rather than both chapters 276A and 473F for calculating captured net tax capacity and tax increment distributions.

• Maintains existing provisions for library aid limitations, property tax notice requirements, and financial reporting standards while updating them to remove Iron Range program references.