as introduced - 93rd Legislature (2023 - 2024) Posted on 03/06/2023 07:16pm
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:
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(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.
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(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:
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(1) increase the aggregate amount authorized to finance projects up to an additional 25
percent;
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(2) increase the length of time the tax is imposed by a corresponding amount of time;
and
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(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.
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(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.
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(d) A political subdivision is not required to hold an additional referendum to approve
the elections made under paragraph (b).
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This section is effective the day following final enactment.
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