HF 593

as introduced - 83rd Legislature (2003 - 2004) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to state property tax aids; modifying the 
  1.3             definition of tax base for computing local government 
  1.4             aid; including tax increment financing captured tax 
  1.5             capacity; amending Minnesota Statutes 2002, section 
  1.6             477A.011, subdivision 20. 
  1.7   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.8      Section 1.  Minnesota Statutes 2002, section 477A.011, 
  1.9   subdivision 20, is amended to read: 
  1.10     Subd. 20.  [CITY NET TAX CAPACITY.] "City net tax capacity" 
  1.11  means (1) the net tax capacity computed using the net tax 
  1.12  capacity rates in section 273.13 for taxes payable in the year 
  1.13  of the aid distribution, and the market values for taxes payable 
  1.14  in the year prior to the aid distribution plus (2) a city's 
  1.15  fiscal disparities distribution tax capacity under section 
  1.16  276A.06, subdivision 2, paragraph (b), or 473F.08, subdivision 
  1.17  2, paragraph (b), for taxes payable in the year prior to that 
  1.18  for which aids are being calculated.  The market value utilized 
  1.19  in computing city net tax capacity shall be reduced by the sum 
  1.20  of (1) a city's market value of commercial industrial property 
  1.21  as defined in section 276A.01, subdivision 3, or 473F.02, 
  1.22  subdivision 3, multiplied by the ratio determined pursuant to 
  1.23  section 276A.06, subdivision 2, paragraph (a), or 473F.08, 
  1.24  subdivision 2, paragraph (a), (2) the market value of the 
  1.25  captured value of tax increment financing districts as defined 
  1.26  in section 469.177, subdivision 2, and (3) (2) the market value 
  2.1   of transmission lines deducted from a city's total net tax 
  2.2   capacity under section 273.425.  The city net tax capacity will 
  2.3   be computed using equalized market values.  
  2.4      [EFFECTIVE DATE.] This section is effective for aids 
  2.5   payable in 2004 and subsequent years.