HF 1568

as introduced - 93rd Legislature (2023 - 2024) Posted on 03/27/2023 04:16pm

A bill for an act
relating to taxation; property; increasing the school building bond agricultural
credit; amending Minnesota Statutes 2022, section 273.1387, subdivision 2.

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

Section 1.

Minnesota Statutes 2022, section 273.1387, subdivision 2, is amended to read:

Subd. 2.

Credit amount.

For each qualifying property, the school building bond
agricultural credit is equal to the credit percent multiplied by the property's eligible net tax
capacity multiplied by the school debt tax rate determined under section 275.08, subdivision
1b. For property taxes payable prior to 2020, the credit percent is equal to 40 percent. For
property taxes payable in 2020, the credit percent is equal to 50 percent. For property taxes
payable in 2021, the credit percent is equal to 55 percent. For property taxes payable in
2022, the credit percent is equal to 60 percent. For property taxes payable in 2023 deleted text begin and
thereafter deleted text end , the credit percent is equal to 70 percent. new text begin For property taxes payable in 2024 and
thereafter, the credit percent is equal to 100 percent.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective beginning with taxes payable in 2024.
new text end