HF 1681

Introduction - 94th Legislature (2025 - 2026)

Posted on 02/27/2025 03:16 p.m.

A bill for an act
relating to taxation; sales and use; increasing the maximum amount of outstanding
debt allowed for the state agricultural society; providing a sales tax exemption for
certain construction materials; amending Minnesota Statutes 2024, sections 37.31,
subdivision 1; 297A.70, by adding a subdivision.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2024, section 37.31, subdivision 1, is amended to read:

Subdivision 1.

Bonding authority.

The society may issue negotiable bonds in a principal
amount that the society determines necessary to provide sufficient money for achieving its
purposes, including the payment of interest on bonds of the society, the establishment of
reserves to secure its bonds, the payment of fees to a third party providing credit
enhancement, and the payment of all other expenditures of the society incident to and
necessary or convenient to carry out its corporate purposes and powers. Bonds of the society
may be issued as bonds or notes or in any other form authorized by law. The principal
amount of bonds issued and outstanding under this section at any time may not exceed
deleted text begin $30,000,000 deleted text end new text begin $50,000,000 new text end , excluding bonds for which refunding bonds or crossover refunding
bonds have been issued.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective July 1, 2025.
new text end

Sec. 2.

Minnesota Statutes 2024, section 297A.70, is amended by adding a subdivision to
read:

new text begin Subd. 22. new text end

new text begin State Agricultural Society sales at state fairs. new text end

new text begin (a) The following sales by
the State Agricultural Society are exempt:
new text end

new text begin (1) admissions to and parking at the State Fairgrounds; and
new text end

new text begin (2) admissions to separately ticketed events run by the State Agricultural Society.
new text end

new text begin (b) The exemption under paragraph (a) does not apply to sales for events held at a time
other than at the time of the regularly scheduled state fair, or events not held on the State
Fairgrounds.
new text end

new text begin (c) For purposes of this section, the terms "State Agricultural Society," "state fair," and
"State Fairgrounds" have the meanings given to those terms in chapter 37.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for sales and purchases made after June
30, 2025.
new text end