SF No. 10 - Summary

• Increases referendum equalization levy market value thresholds for school districts from $567,000 to $650,000 (first tier) and $290,000 to $320,000 (second tier), effective for fiscal year 2022 and later.

• Extends small business investment tax credit program through 2021 with $10 million annual allocation, prioritizing greater Minnesota and minority/women/veteran-owned businesses, then repeals the program.

• Modifies K-12 education expense credit by replacing fixed $33,500 income threshold with flexible guideline tied to federal reduced-price lunch standards and increases charitable contribution subtraction from 50% to 60%.

• Reduces lawful gambling organization tax rates on combined net receipts and increases minimum lawful purpose expenditure thresholds from 30% to 40% (or 20% to 25% for bingo-focused locations).

• Provides federal conformity updates for paycheck protection loan exclusions and section 179 expensing deductions; freezes short-term rental property assessments at 2019 classification levels for 2020-2021; extends state general property tax payment deadline to July 15, 2020.