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HF 3325

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

KEY: stricken = removed, old language.
underscored = added, new language.
Version List Authors and Status
Rtf 
  1.1                          A bill for an act 
  1.2             relating to taxation; mortgage registry; exempting 
  1.3             certain agricultural loans; amending Minnesota 
  1.4             Statutes 2001 Supplement, section 287.04. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  Minnesota Statutes 2001 Supplement, section 
  1.7   287.04, is amended to read: 
  1.8      287.04 [EXEMPTIONS.] 
  1.9      The tax imposed by section 287.035 does not apply to:  
  1.10     (a) A decree of marriage dissolution or an instrument made 
  1.11  pursuant to it.  
  1.12     (b) A mortgage given to correct a misdescription of the 
  1.13  mortgaged property. 
  1.14     (c) A mortgage or other instrument that adds additional 
  1.15  security for the same debt for which mortgage registry tax has 
  1.16  been paid.  
  1.17     (d) A contract for the conveyance of any interest in real 
  1.18  property, including a contract for deed. 
  1.19     (e) A mortgage secured by real property subject to the 
  1.20  minerals production tax of sections 298.24 to 298.28. 
  1.21     (f) The principal amount of a mortgage loan made under a 
  1.22  low and moderate income or other affordable housing program, if 
  1.23  the mortgagee is a federal, state, or local government agency. 
  1.24     (g) Mortgages granted by fraternal benefit societies 
  1.25  subject to section 64B.24. 
  2.1      (h) A mortgage amendment or extension, as defined in 
  2.2   section 287.01. 
  2.3      (i) An agricultural mortgage if the proceeds of the loan 
  2.4   secured by the mortgage are used (1) to acquire or improve real 
  2.5   property classified under section 273.13, subdivision 23, 
  2.6   paragraph (a), or (b), clause (1), (2), or (3); or (2) in the 
  2.7   production of agricultural products as defined in section 
  2.8   273.13, subdivision 23, paragraph (e). 
  2.9      [EFFECTIVE DATE.] This section is effective for documents 
  2.10  recorded on or after July 1, 2002.