MN HF2971

Extends the time period for expending tax increment financing revenues from five years to eight years after district certification for districts certified after June 30, 2007.

Changes the year when districts must begin using excess revenues for debt repayment from the sixth year to the ninth year following certification.

Applies the eight-year period to revenues used for bonds, binding contracts, cost reimbursement, and certain housing and infrastructure expenditures.

Maintains existing requirements that 75-80 percent of revenues must be expended within the district, with up to 20-25 percent permitted for activities outside the district but within the defined geographic area.

Provides that increments may continue to be expended after December 31, 2016, under specific housing development authority if used to pay bonds or contracts that qualify under the extended timeline.