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HF 2699

as introduced - 87th Legislature (2011 - 2012) Posted on 03/05/2012 01:55pm

KEY: stricken = removed, old language.
underscored = added, new language.
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Current Version - as introduced

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A bill for an act
 relating to property taxation; excluding the first $150,000 in value of each
commercial-industrial property from the state general levy; amending Minnesota
Statutes 2010, section 275.025, subdivision 2.

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

Section 1.

Minnesota Statutes 2010, section 275.025, subdivision 2, is amended to read:


Subd. 2.

Commercial-industrial tax capacity.

For the purposes of this section,
"commercial-industrial tax capacity" means the tax capacity of all taxable property
classified as class 3 or class 5(1) under section 273.13, deleted text begin except fordeleted text end new text begin excluding: (1) the
first $150,000 in value of each commercial-industrial property, (2)new text end electric generation
attached machinery under class 3new text begin ,new text end and new text begin (3) new text end property described in section 473.625. County
commercial-industrial tax capacity amounts are not adjusted for the captured net tax
capacity of a tax increment financing district under section 469.177, subdivision 2, the
net tax capacity of transmission lines deducted from a local government's total net tax
capacity under section 273.425, or fiscal disparities contribution and distribution net
tax capacities under chapter 276A or 473F.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for taxes payable in 2013 and
thereafter.
 new text end