1.1                          A bill for an act 
  1.2             relating to taxation; property; providing for 
  1.3             homestead status in the case of certain property owned 
  1.4             by a trustee; amending Minnesota Statutes 1998, 
  1.5             section 273.124, by adding a subdivision. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 1998, section 273.124, is 
  1.8   amended by adding a subdivision to read: 
  1.9      Subd. 20.  [TRUST PROPERTY.] Real property held by a 
  1.10  trustee of a trust is eligible for classification as homestead 
  1.11  property, without regard to ownership requirements or right of 
  1.12  occupancy requirements under this chapter, if: 
  1.13     (1) the grantor or surviving spouse of the grantor of the 
  1.14  trust occupies and uses the property for purposes of a 
  1.15  homestead; 
  1.16     (2) a relative of the grantor who meets the requirements of 
  1.17  subdivision 1, paragraph (c), in the case of residential real 
  1.18  estate, or subdivision 1, paragraph (d), in the case of 
  1.19  agricultural property, occupies and uses the property for 
  1.20  purposes of a homestead; or 
  1.21     (3) a family farm corporation or partnership rents the real 
  1.22  estate held by the trust, operates it as a family farm, and a 
  1.23  partner or shareholder of the corporation or partnership 
  1.24  occupies and uses the property for purposes of a homestead and 
  1.25  meets the requirements of subdivision 8. 
  2.1      Sec. 2.  [EFFECTIVE DATE.] 
  2.2      Section 1 is effective for taxes levied in 2000, payable in 
  2.3   2001, and thereafter.