as introduced - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am
A bill for an act
relating to economic development abatements; modifying the maximum
limitation on abatements; amending Minnesota Statutes 2006, section 469.1813,
subdivision 8.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Minnesota Statutes 2006, section 469.1813, subdivision 8, is amended to
read:
In any year, the total amount of property
taxes abated by a political subdivision under this section may not exceed (1) ten percent
of the deleted text begin current levydeleted text end new text begin net tax capacity of the political subdivision for the taxes payable year
to which the abatement appliesnew text end , or (2) $200,000, whichever is greater. The limit under
this subdivision does not apply to:
(i) an uncollected abatement from a prior year that is added to the abatement levy; or
(ii) a taxpayer whose real and personal property is subject to valuation under
Minnesota Rules, chapter 8100.
new text begin
This section is effective for abatement resolutions approved
after the day following final enactment.
new text end