HF 2929

as introduced - 82nd Legislature (2001 - 2002) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to transportation; providing property tax 
  1.3             replacement aid to new transit systems; amending 
  1.4             Minnesota Statutes 2001 Supplement, section 174.242, 
  1.5             by adding a subdivision.  
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 2001 Supplement, section 
  1.8   174.242, is amended by adding a subdivision to read: 
  1.9      Subd. 3a.  [REPLACEMENT AID FOR NEW TRANSIT SYSTEMS.] (a) 
  1.10  Notwithstanding subdivision 3 if, after making the replacement 
  1.11  aid payments required under subdivision 3 in each of calendar 
  1.12  years 2002 and 2003, there is a remaining balance in the 
  1.13  Minnesota transit fund, the commissioner shall utilize the 
  1.14  remaining funds to make grants to new transit systems beginning 
  1.15  service in calendar year 2002 or 2003.  
  1.16     (b) The commissioner shall estimate the total property tax 
  1.17  payments that would be required for each new transit system in 
  1.18  calendar years 2002 and 2003.  The new system is eligible to 
  1.19  receive replacement aid payments in 2002 and 2003 equal to (1) 
  1.20  the proportion that the new system's estimated tax amount is of 
  1.21  the total tax amount estimated by the commissioner for all new 
  1.22  transit systems, times (2) the projected total revenue remaining 
  1.23  in the Minnesota transit fund after the payments required under 
  1.24  subdivision 3 have been made. 
  1.25     (c) However, despite paragraph (b), the replacement aid 
  2.1   received by each new transit system may not exceed the tax 
  2.2   amount estimated by the commissioner for that system.