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MN HF21
Bill
Status
6/12/2020
Primary Sponsor
Jerry Hertaus
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AI Summary
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Reduces the deed transfer tax rate from 0.33% to 0.11% on real property transfers exceeding $3,000 in consideration, effective for deeds recorded on or after July 1, 2020.
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Establishes grants to all Minnesota counties beginning in fiscal year 2022, funded from deed tax revenue and divided equally among counties.
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Requires counties to use grant funds exclusively for housing initiatives that meet community needs as stated in the county's adopted housing plan, in the form of grants or gap-financing loans to local development authorities.
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Sets a $5,000,000 maximum reserve limit for county grant fund accumulation; counties exceeding this limit become ineligible for grants until they schedule obligation of funds or reduce reserves below the cap.
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Appropriates annually an amount equal to the previous fiscal year's deed tax revenue to the commissioner of revenue for distribution to counties.
Legislative Description
County grants provided from deed tax for funding purposes, and money appropriated.
Last Action
Introduction and first reading, referred to Property and Local Tax Division
6/12/2020