Minnesota Legislature
HF 2208
as introduced - 86th Legislature (2009 - 2010) Posted on 02/09/2010 02:00am
Current Version - as introduced
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A bill for an act
relating to economic development; amending limitations on tax increment
financing districts; amending Minnesota Statutes 2008, section 469.176,
subdivision 1b.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Section 1.
Minnesota Statutes 2008, section 469.176, subdivision 1b, is amended to
read:
Subd. 1b.
Duration limits; terms.
(a) No tax increment shall in any event be
paid to the authority
(1) after 15 years after receipt by the authority of the first increment for a renewal
and renovation district,
(2) after 20 years after receipt by the authority of the first increment for a soils
condition district,
(3) after eight years after receipt by the authority of the first increment for an
economic development district,
(4) for a housing district or a redevelopment district, after deleted text begin 25deleted text end new text begin 30new text end years from the date
of receipt by the authority of the first increment.
(b) For purposes of determining a duration limit under this subdivision or subdivision
1e that is based on the receipt of an increment, any increments from taxes payable in
the year in which the district terminates shall be paid to the authority. This paragraph
does not affect a duration limit calculated from the date of approval of the tax increment
financing plan or based on the recovery of costs or to a duration limit under subdivision
1c. This paragraph does not supersede the restrictions on payment of delinquent taxes in
subdivision 1f.
(c) An action by the authority to waive or decline to accept an increment has no
effect for purposes of computing a duration limit based on the receipt of increment under
this subdivision or any other provision of law. The authority is deemed to have received an
increment for any year in which it waived or declined to accept an increment, regardless
of whether the increment was paid to the authority.
(d) Receipt by a hazardous substance subdistrict of an increment as a result of a
reduction in original net tax capacity under section 469.174, subdivision 7, paragraph
(b), does not constitute receipt of increment by the overlying district for the purpose of
calculating the duration limit under this section.
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective June 30, 2009.
new text end