as introduced - 80th Legislature (1997 - 1998) Posted on 12/15/2009 12:00am
1.1 A bill for an act 1.2 relating to taxation; exempting agricultural loans 1.3 from the mortgage registry tax; amending Minnesota 1.4 Statutes 1996, section 287.04, by adding a subdivision. 1.5 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 1.6 Section 1. Minnesota Statutes 1996, section 287.04, is 1.7 amended by adding a subdivision to read: 1.8 Subd. 3. [AGRICULTURAL LOANS.] No tax is imposed upon an 1.9 agricultural loan if: 1.10 (1) the loan is secured by a mortgage of real property 1.11 classified as class 2 agricultural property under section 1.12 273.13, subdivision 22; and 1.13 (2) the proceeds of the loan are used for (i) acquisition 1.14 or improvement of class 2 agricultural property, or (ii) its 1.15 farm operations.