HF 467

as introduced - 86th Legislature (2009 - 2010) Posted on 02/09/2010 01:37am

A bill for an act
relating to property taxation; exempting first tier of commercial-industrial
property from state general tax; amending Minnesota Statutes 2008, section
275.025, subdivision 2.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2008, section 275.025, subdivision 2, is amended to read:

Subd. 2.

Commercial-industrial tax capacity.

For the purposes of this section,
"commercial-industrial tax capacity" means the tax capacity of all taxable property
classified as class 3 or class 5(1) under section 273.13, except for new text begin that portion of property
eligible for the first tier class rate under section 273.13, subdivision 24, new text end electric generation
attached machinery under class 3 and property described in section 473.625. deleted text begin County deleted text end
Commercial-industrial tax capacity amounts are not adjusted for the captured net tax
capacity of a tax increment financing district under section 469.177, subdivision 2, the
net tax capacity of transmission lines deducted from a local government's total net tax
capacity under section 273.425, or fiscal disparities contribution and distribution net
tax capacities under chapter 276A or 473F.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for taxes payable in 2010 and
thereafter.
new text end