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SF 2198 Senate Long Description

Making certain technical and minor changes to tax increment financing, abatement and related development provisions; removing mined underground space districts from a certain provision providing for local contributions in lieu of the state TIF aid reduction; excluding TIF districts from the definition of commercial industrial property for taconite tax relief area revenue distribution purposes; clarifying the definitions of redevelopment and renewal and renovation districts and modifying the definition of economic development district; modifying tax increment financing plan content requirements; requiring the filing of copies of TIF plans and amendments and development or project plans with the commissioner of revenue and requiring the commissioner to provide copies to the state auditor upon request; modifying the duration limit for housing or redevelopment districts; clarifying the duration limit for hazardous substance subdistricts and modifying the extended period for collection of tax increment; clarifying the duration limit for pre-1979 districts; modifying or expanding certain limits on the use of tax increments; providing for separate assessment of estimated market value of improvements and for interfund loans under certain conditions; further restricting local government unit property tax abatement authority relating to TIF districts; qualifying the elector approval requirement exemption for local issuance of property tax abatement authority bonds; modifying the effective dates for a certain provision including interest or other investment earnings on or from tax increments in the definition of increment and for a provision authorizing the expenditure of increments to assist certain housing outside the project area; authorizing the Minneapolis public housing authority or the metropolitan council to enter into a cooperation agreement with another governing body in the metropolitan area to exempt the Holman low rent public housing project from the property tax for federal court order or decree implementation purposes, requiring payments in lieu of taxes (ra)