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HF 2400

as introduced - 86th Legislature (2009 - 2010) Posted on 02/09/2010 02:03am

KEY: stricken = removed, old language.
underscored = added, new language.

Current Version - as introduced

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A bill for an act
relating to taxation; providing a property tax credit for agricultural property used
in a farm operation that has incurred economic losses due to the H1N1 virus;
proposing coding for new law in Minnesota Statutes, chapter 273.


Section 1.

new text begin [273.114] CREDIT FOR LOSSES DUE TO H1N1 VIRUS.
new text end

new text begin Subdivision 1. new text end

new text begin Eligibility; amount of credit. new text end

new text begin (a) Eligible agricultural land classified
under section 273.13, subdivision 23, is granted a property tax credit equal to 50 percent of
the property tax on the parcel where swine had been located, excluding any tax attributable
to residential structures. Agricultural land is eligible for the credit under this section if:
new text end

new text begin (1) the commissioner of agriculture determines that the average prices received
by farmers for all hogs in Minnesota as reported by the United States Department of
Agriculture has declined by more than ... percent between January 1, 2009, and August 1,
2009; and
new text end

new text begin (2) the commissioner of agriculture certifies to the commissioner of revenue that
the owner of the property sold at least 50 hogs during the 12-month period preceding
application for the credit, and has experienced a reduction in farm income from the
property in the first eight months of the levy year of at least ... percent over the first
eight months of the previous year.
new text end

new text begin (b) To qualify for the tax credit, the owner shall file an application with the
commissioner of agriculture by October 1, 2009. The assessor shall indicate the amount
of the property tax reduction on the property tax statement of each taxpayer receiving a
credit under this section. The credit paid under this section shall be deducted from the
tax due on the property as provided in section 273.1393.
new text end

new text begin Subd. 2. new text end

new text begin Reimbursement for lost revenue. new text end

new text begin The county auditor shall certify to the
commissioner of revenue, as part of the abstracts of tax lists required to be filed with
the commissioner under section 275.29, the amount of tax lost to the county from the
property tax credit under this section. Any prior year adjustments must also be certified in
the abstracts of tax lists. The commissioner of revenue shall review the certifications to
determine their accuracy. The commissioner may make the changes in the certification
that are considered necessary or return a certification to the county auditor for corrections.
The commissioner shall reimburse each taxing district for the taxes lost. The payments
must be made at the time provided in section 473H.10 for payment to taxing jurisdictions
in the same proportion that the ad valorem tax is distributed. The amount necessary to
make the reimbursements under this section is annually appropriated from the general
fund to the commissioner of revenue.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for taxes levied in 2009, and payable
in 2010 only.
new text end