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HF 937

as introduced - 86th Legislature (2009 - 2010) Posted on 02/09/2010 01:43am

KEY: stricken = removed, old language.
underscored = added, new language.

Current Version - as introduced

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A bill for an act
relating to taxation; job opportunity building zones; allowing amendments to
agreements under certain circumstances; amending Minnesota Statutes 2008,
section 469.3192.

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

Section 1.

Minnesota Statutes 2008, section 469.3192, is amended to read:


469.3192 PROHIBITION AGAINST AMENDMENTS TO BUSINESS
SUBSIDY AGREEMENT.

new text begin (a) new text end Except as authorized under new text begin paragraph (b) or new text end section 469.3191, under no
circumstance shall terms of any agreement required as a condition for eligibility for
benefits listed under section 469.315 be amended to change job creation, job retention,
or wage goals included in the agreement.

new text begin (b) A local unit of government and qualified business that are parties to a business
subsidy agreement required as condition for eligibility for benefits listed under section
469.315 may agree to amend the agreement, if the following conditions are met:
new text end

new text begin (1) the only effect of the amendment is to allow a period of time, not to exceed two
years, during which the qualified business is subject to lower job creation, job retention, or
wage goals than were provided under the agreement prior to the amendment;
new text end

new text begin (2) to the extent required by the agreement, the qualified business met or exceeded
the job creation, job retention, or wage goals in the agreement for the years ending prior to
the year in which the amendment is adopted; and
new text end

new text begin (3) the commissioner approves the amendment after finding that the extension of
time is justified by the inability of the qualified business to meet the original goals as a
result of general business conditions or other factors that were outside the control of
and were no fault of the qualified business.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end