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MN HF978
Bill
Status
Introduced
1/30/2023
Primary Sponsor
Gregory Davids
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AI Summary
- Modifies Minnesota Statutes section 469.176, subdivision 4c, governing the use of tax increment financing revenue in economic development districts
- Allows tax increment revenue to assist separately owned commercial facilities up to 15,000 square feet in small cities if revenue is spent only to assist the facility directly or for administrative expenses
- Specifies that the 15,000 square feet limitation applies only to the first floor (street level) if the commercial facility is multilevel
- Defines a "small city" as a city that qualified as small in the year the district certification was requested, maintaining that status regardless of future population changes
- Effective for economic development districts where the certification request was made after December 31, 2021
Legislative Description
Tax increment financing provisions modified, and economic development district limitation modified.
Last Action
Referred by Chair to Property Tax Division
3/7/2023
Committee Referrals
Property Tax3/7/2023
Taxes1/30/2023
Full Bill Text
No bill text available