MN SF1006

Establishes a new agricultural riparian buffer tax credit for Class 2a and 2b agricultural properties in Minnesota that maintain riparian buffers as defined in section 103F.48, certified by local soil and water conservation districts.

Credit amount equals the net tax capacity based property tax attributable to the portion of property subject to riparian buffer requirements.

County auditors determine and certify tax reductions to the Commissioner of Revenue; the Commissioner reimburses local taxing jurisdictions (except school districts) in two equal installments on October 31 and December 26, with school districts reimbursed through the Department of Education.

Sufficient funds are annually appropriated from the general fund to both the Commissioner of Revenue and Commissioner of Education to cover reimbursements to all taxing jurisdictions.

Credit becomes effective for taxes payable in 2024 and is incorporated into the property tax credit computation order; updates property tax notice and statement requirements to reflect the new credit.