HF 52

as introduced - 82nd Legislature (2001 - 2002) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to taxation; exempting agricultural loans 
  1.3             from the mortgage registry tax; amending Minnesota 
  1.4             Statutes 2000, section 287.04. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  Minnesota Statutes 2000, section 287.04, is 
  1.7   amended to read: 
  1.8      287.04 [EXEMPTIONS.] 
  1.9      The tax imposed by section 287.035 does not apply to:  
  1.10     (a) A decree of marriage dissolution or an instrument made 
  1.11  pursuant to it.  
  1.12     (b) A mortgage given to correct a misdescription of the 
  1.13  mortgaged property. 
  1.14     (c) A mortgage or other instrument that adds additional 
  1.15  security for the same debt for which mortgage registry tax has 
  1.16  been paid.  
  1.17     (d) A contract for the conveyance of any interest in real 
  1.18  property, including a contract for deed. 
  1.19     (e) A mortgage secured by real property subject to the 
  1.20  minerals production tax of sections 298.24 to 298.28. 
  1.21     (f) The principal amount of bonds or other obligations 
  1.22  issued by the St. Paul port authority under its common revenue 
  1.23  bond fund if each of the following conditions are met. 
  1.24     (1) The bonds or other obligations are secured by a 
  1.25  mortgage on property, title to which is held by the political 
  2.1   subdivision. 
  2.2      (2) The mortgage is recorded after May 19, 1993. 
  2.3      (3) The bonds or other obligations are either (i)  
  2.4   outstanding on May 19, 1993, or (ii) issued in exchange for or 
  2.5   to otherwise refund bonds or other obligations the original 
  2.6   series of which were issued before May 19, 1993. 
  2.7      (g) Mortgages taken in good faith by persons or 
  2.8   corporations whose property is expressly exempted from taxation 
  2.9   by section 272.02, subdivisions 2 to 8, or mortgagees that are 
  2.10  fraternal benefit societies subject to section 64B.24. 
  2.11     (h) A mortgage amendment or extension, as defined in 
  2.12  section 287.01. 
  2.13     (i) An agricultural mortgage if the proceeds of the loan 
  2.14  secured by the mortgage are used (1) to acquire or improve real 
  2.15  property classified under section 273.13, subdivision 23, 
  2.16  paragraph (a) or (b), clause (1), (2), or (3); or (2) in the 
  2.17  production of agricultural products as defined in section 
  2.18  273.13, subdivision 23, paragraph (e), and the mortgagor signs a 
  2.19  statement provided by the county stating that the proceeds of 
  2.20  the loan secured by the mortgage will be used for the purposes 
  2.21  listed under this subdivision. 
  2.22     Sec. 2.  [EFFECTIVE DATE.] 
  2.23     Section 1 is effective for documents recorded on or after 
  2.24  July 1, 2001.