HF 1399

as introduced - 81st Legislature (1999 - 2000) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to taxation; prohibiting creation of tax 
  1.3             increment financing districts in certain 
  1.4             municipalities; amending Minnesota Statutes 1998, 
  1.5             section 469.175, by adding a subdivision. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 1998, section 469.175, is 
  1.8   amended by adding a subdivision to read: 
  1.9      Subd. 3a.  [LIMITATION ON CREATION OF DISTRICTS.] The 
  1.10  governing body of a municipality may not approve a plan for a 
  1.11  new or expanded tax increment financing district under 
  1.12  subdivision 3 if, at the time when the plan is submitted for 
  1.13  approval, the aggregate amount of captured net tax capacity for 
  1.14  all districts and for geographic expansions of existing 
  1.15  districts located in the municipality exceeds 15 percent of the 
  1.16  total tax capacity of the municipality. 
  1.17     Sec. 2.  [EFFECTIVE DATE.] 
  1.18     Section 1 is effective for new tax increment financing 
  1.19  districts and for geographic expansions of existing districts 
  1.20  for which certification is requested after June 30, 1999.