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MN HF2963

Bill

Official Source

Status

Introduced

3/12/2014

Primary Sponsor

Karen Clark

Click for details

Origin

House of Representatives

88th Legislature 2013-2014

AI Summary

  • Modifies tax increment financing requirements for housing projects by changing subdivision 2 of Minnesota Statutes section 469.1761
  • Ninety-five percent of housing units must be occupied by individuals meeting income requirements under either section 143(f) of the Internal Revenue Code (qualified mortgage bond projects) or section 142(d) of the Internal Revenue Code (qualified residential rental projects)
  • Removes the previous requirement that units be "purchased and" occupied, allowing for rental properties to qualify
  • Repeals subdivision 3 of Minnesota Statutes section 469.1761
  • Effective date for subdivision 2 applies to districts requesting certification after final enactment; repeal takes effect the day following final enactment

Legislative Description

Housing project tax increment financing requirements modified.

Last Action

Introduction and first reading, referred to Taxes

3/12/2014

Committee Referrals

Taxes3/12/2014

Full Bill Text

No bill text available