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HF 2963

as introduced - 88th Legislature (2013 - 2014) Posted on 03/12/2014 11:27am

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; tax increment financing; modifying requirements for housing
projects; amending Minnesota Statutes 2012, section 469.1761, subdivision 2;
repealing Minnesota Statutes 2012, section 469.1761, subdivision 3.

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

Section 1.

Minnesota Statutes 2012, section 469.1761, subdivision 2, is amended to read:


Subd. 2.

deleted text begin Owner-occupied housingdeleted text end new text begin Income requirementnew text end .

deleted text begin For owner-occupied
residential property, 95
deleted text end new text begin Ninety-fivenew text end percent of the housing units must be initially deleted text begin purchased
and
deleted text end occupied by individuals whose family income is less than or equal to the income
requirements for qualified mortgage bond projects under section 143(f) of the Internal
Revenue Codenew text begin , or the property must satisfy the income requirements for a qualified
residential rental project as defined in section 142(d) of the Internal Revenue Code
new text end .

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for districts for which the request for
certification is made after final enactment of this section.
new text end

Sec. 2. new text begin REPEALER.
new text end

new text begin Minnesota Statutes 2012, section 469.1761, subdivision 3, new text end new text begin is repealed.
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