HF 2518

as introduced - 86th Legislature (2009 - 2010) Posted on 02/09/2010 11:31pm

A bill for an act
relating to taxation; property; modifying business incubator exemption;
amending Minnesota Statutes 2008, section 272.02, subdivision 31.

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

Section 1.

Minnesota Statutes 2008, section 272.02, subdivision 31, is amended to read:

Subd. 31.

Business incubator property.

Property owned by a nonprofit charitable
organization that qualifies for tax exemption under section 501(c)(3) of the Internal
Revenue Code that is intended to be used as a business incubator in a high-unemployment
county, is exempt. As used in this subdivision, a "business incubator" is a facility
used for the development of nonretail businesses, offering access to equipment, space,
services, and advice to the tenant businesses, for the purpose of encouraging economic
development, diversification, and job creation in the area served by the organization, and
"high-unemployment county" is a county that had an average annual unemployment rate
of 7.9 percent or greater in 1997. Property that qualifies for the exemption under this
subdivision is limited to no more than two contiguous parcels and structures that do not
exceed in the aggregate 40,000 square feet. This exemption expires after taxes payable
in deleted text begin 2011 deleted text end new text begin 2016 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