as introduced - 82nd Legislature (2001 - 2002) Posted on 12/15/2009 12:00am
Engrossments | ||
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Introduction | Posted on 01/11/2001 |
1.1 A bill for an act 1.2 relating to taxation; sales and use; exempting 1.3 construction materials used for qualified low-income 1.4 housing projects; amending Minnesota Statutes 2000, 1.5 section 297A.72, by adding a subdivision. 1.6 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 1.7 Section 1. Minnesota Statutes 2000, section 297A.72, is 1.8 amended by adding a subdivision to read: 1.9 Subd. 23. [CONSTRUCTION MATERIALS FOR QUALIFIED LOW-INCOME 1.10 HOUSING PROJECTS.] Purchases of materials and supplies used or 1.11 consumed in and equipment incorporated into the construction, 1.12 improvement, or expansion of qualified low-income housing 1.13 projects are exempt from the tax imposed under this chapter if 1.14 the owner of the qualified low-income housing project is the 1.15 public housing agency or housing and redevelopment authority of 1.16 a political subdivision. 1.17 This exemption applies regardless of whether the purchases 1.18 are made by the owner of the facility or a contractor. 1.19 For purposes of this exemption, "qualified low-income 1.20 housing project" means: 1.21 (1) a housing or mixed use project in which at least 20 1.22 percent of the residential units are qualifying low-income 1.23 rental housing units as defined in section 273.126; 1.24 (2) a federally assisted low-income housing project 1.25 financed by a mortgage insured or held by the United States 2.1 Department of Housing and Urban Development under United States 2.2 Code, title 12, section 1701s, 1715l(d)(3), 1715l(d)(4), or 2.3 1715z-1; United States Code, title 42, section 1437f; the Native 2.4 American Housing Assistance and Self-Determination Act, United 2.5 States Code, title 25, section 4101 et seq.; or any similar 2.6 successor federal low-income housing program; 2.7 (3) a qualified low-income housing project as defined in 2.8 United States Code, title 26, section 42(g), meeting all of the 2.9 requirements for a low-income housing credit under section 42 of 2.10 the Internal Revenue Code regardless of whether the project 2.11 actually applies for or receives a low-income housing credit; or 2.12 (4) a project that will be operated in compliance with 2.13 Internal Revenue Service revenue procedure 96-32. 2.14 Sec. 2. [EFFECTIVE DATE.] 2.15 Section 1 is effective for sales and purchases occurring 2.16 after June 30, 2001.