S.F. No. 8 - Taxation Bill Summary

• Modifies referendum equalization levy thresholds for school districts, increasing first tier from $567,000 to $650,000 per pupil unit and second tier from $290,000 to $320,000, effective for fiscal year 2022 and later.

• Extends 2019 tax filing and payment deadlines to July 15, 2020 for individuals and other entities, with penalties and interest calculated only on amounts unpaid by that date.

• Freezes assessment classifications for short-term rental properties at 2019 levels for assessment years 2020 and 2021, except for changes in primary use or clerical errors.

• Continues small business investment tax credit program through taxable years 2020 and 2021, allocating $10 million annually with 50% reserved for greater Minnesota and minority/women/veteran-owned businesses.

• Modifies lawful gambling tax rates by reducing percentages on combined net receipts, adjusts charitable contribution subtraction thresholds from $500 to $300, and reduces minimum lawful purpose expenditure requirements from 30% to 25% for regular organizations and from 20% to 25% for bingo-focused organizations.