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MN SF1436
Bill
Status
Introduced
2/8/2023
Primary Sponsor
Carla Nelson
Click for details
AI Summary
- Modifies Minnesota Statutes section 469.176, subdivision 4c, regarding tax increment financing use in economic development districts
- Allows tax increment revenue to assist up to 15,000 square feet of separately owned commercial facilities in small cities, provided revenue is spent directly on the facility or administrative expenses
- Clarifies that the 15,000 square foot limitation applies only to the first floor (street level) if the commercial facility is a multilevel building
- Establishes that a city qualifies as a "small city" based on its status at the time of district certification request and maintains that designation for the district's duration
- Effective for tax increment financing districts where the certification request was made after December 31, 2021
Legislative Description
Economic development district limitation modification
Last Action
Authors added Weber; Dziedzic; Putnam
3/27/2023
Committee Referrals
Taxes2/8/2023
Full Bill Text
No bill text available