SF 628 Summary

• Eliminates commercial and industrial property from Minnesota's state general levy effective for taxes payable in 2024.

• Modifies the state general levy to apply only to seasonal residential recreational property at $41,690,000 for taxes payable in 2020 and thereafter.

• Removes the $716,990,000 state general levy amount previously applied to commercial-industrial property for taxes payable in 2023 and thereafter.

• Repeals Minnesota Statutes sections 275.025, subdivisions 2, 5, and 6, which contained definitions and provisions related to commercial-industrial tax capacity and state general tax calculations.

• Allows the Commissioner of Revenue to adjust preliminary or final levy rates to account for errors and tax base changes from the two preceding years, with adjustments discretionary if the total difference would be less than $100,000.