as introduced - 83rd Legislature (2003 - 2004) Posted on 12/15/2009 12:00am
|Introduction||Posted on 04/07/2003|
1.1 A bill for an act 1.2 relating to taxation; tax increment financing; 1.3 treating the state general tax rate as a local tax 1.4 rate for purposes of a tax increment financing 1.5 district in the city of Hibbing. 1.6 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 1.7 Section 1. [HIBBING TAX INCREMENT DISTRICT; STATE LEVY 1.8 TREATED AS A LOCAL TAX.] 1.9 Notwithstanding Minnesota Statutes, section 275.025, 1.10 subdivision 2, for purposes of determining the state general tax 1.11 uniform rate, the commissioner of revenue shall exclude the 1.12 captured net tax capacity under Minnesota Statutes, section 1.13 469.177, subdivision 2, of tax increment financing district 1.14 numbers 7 and 11 in the city of Hibbing. The tax imposed under 1.15 Minnesota Statutes, section 275.025, on the captured net tax 1.16 capacity must be treated as a local tax rate under Minnesota 1.17 Statutes, section 469.177, for purposes of computing tax 1.18 increment, payable to the Hibbing economic development authority. 1.19 [EFFECTIVE DATE.] This section is effective the day after 1.20 the governing body of Hibbing and its chief clerical officer 1.21 timely complete their compliance with Minnesota Statutes, 1.22 section 645.021, subdivisions 2 and 3.