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HF 2414

as introduced - 93rd Legislature (2023 - 2024) Posted on 03/06/2023 07:16pm

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

Engrossments
Introduction Posted on 03/02/2023

Current Version - as introduced

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2.6

A bill for an act
 relating to taxation; modifying local sales and use tax authorizations to provide
temporary authority to increase funding for projects authorized in 2021.

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

Section 1. new text begin INFLATION-RELATED CONSTRUCTION COSTS; TEMPORARY
AUTHORITY FOR INCREASE.
new text end

new text begin (a) This section is intended as a response to inflation-related increases in construction
costs for projects funded by local sales taxes governed under Minnesota Statutes, section
297A.99.
 new text end

new text begin (b) Notwithstanding Minnesota Statutes, sections 297A.99, subdivision 2, and 475.54,
a political subdivision that first received authority to impose a local sales and use tax in
Laws 2021, First Special Session chapter 14, article 8; held an election as required under
Minnesota Statutes, section 297A.99, subdivision 3, paragraph (a); and received voter
approval for the authorized projects may elect to:
 new text end

new text begin (1) increase the aggregate amount authorized to finance projects up to an additional 25
percent;
 new text end

new text begin (2) increase the length of time the tax is imposed by a corresponding amount of time;
and
 new text end

new text begin (3) extend the maturity date of any bonds issued related to funding the projects beyond
the 30-year maturity requirement imposed by Minnesota Statutes, section 475.54.
 new text end

new text begin (c) The governing body of a political subdivision making an election under paragraph
(b) must adopt a resolution indicating approval of the increases and submit the resolution
to the state auditor no later than September 1, 2023.
 new text end

new text begin (d) A political subdivision is not required to hold an additional referendum to approve
the elections made under paragraph (b).
 new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
 new text end