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HF 2242

as introduced - 88th Legislature (2013 - 2014) Posted on 02/25/2014 01:45pm

KEY: stricken = removed, old language.
underscored = added, new language.
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Engrossments
Introduction Posted on 02/25/2014

Current Version - as introduced

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A bill for an act
 relating to taxation; property; exempting the first tier of commercial-industrial
property value from the state general levy; amending Minnesota Statutes 2012,
section 275.025, subdivision 2.

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

Section 1.

Minnesota Statutes 2012, section 275.025, subdivision 2, is amended to read:


Subd. 2.

Commercial-industrial tax capacity.

For the purposes of this section,
"commercial-industrial tax capacity" means the tax capacity of all taxable property
classified as class 3 or class 5(1) under section 273.13, deleted text begin except fordeleted text end new text begin excluding: (1) the
first tier of commercial-industrial value as defined under section 273.13, subdivision 24;
(2)new text end electric generation attached machinery under class 3new text begin ;new text end and new text begin (3) new text end property described in
section 473.625. County commercial-industrial tax capacity amounts are not adjusted
for the captured net tax capacity of a tax increment financing district under section
469.177, subdivision 2, the net tax capacity of transmission lines deducted from a local
government's total net tax capacity under section 273.425, or fiscal disparities contribution
and distribution net tax capacities under chapter 276A or 473F.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective beginning with taxes payable in 2015.
 new text end