HF 3473

as introduced - 81st Legislature (1999 - 2000) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to taxation; changing property tax abatement 
  1.3             authority for property located in a tax increment 
  1.4             financing district; amending Minnesota Statutes 1998, 
  1.5             section 469.1813, subdivision 4. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 1998, section 469.1813, 
  1.8   subdivision 4, is amended to read: 
  1.9      Subd. 4.  [PROPERTY LOCATED IN TAX INCREMENT FINANCING 
  1.10  DISTRICTS.] The governing body of a governmental political 
  1.11  subdivision may not enter into a property tax abatement 
  1.12  agreement under sections 469.1812 to 469.1815 if the property 
  1.13  that provides for abatement of taxes on a parcel of property if 
  1.14  the abatement will occur while the parcel is located in a tax 
  1.15  increment financing district. 
  1.16     Sec. 2.  [EFFECTIVE DATE.] 
  1.17     Section 1 is effective the day following final enactment.