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HF 4150

as introduced - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am

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

Bill Text Versions

Engrossments
Introduction Posted on 04/01/2008

Current Version - as introduced

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A bill for an act
relating to taxation; providing property tax exemption for certain leased lands;
modifying definition of personal property; clarifying tax-exempt property held
under a lease; amending Minnesota Statutes 2006, sections 272.02, by adding a
subdivision; 272.03, subdivision 2; 273.19, subdivision 1.

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

Section 1.

Minnesota Statutes 2006, section 272.02, is amended by adding a
subdivision to read:


new text begin Subd. 18a. new text end

new text begin Leased lands. new text end

new text begin Lands of a county, city, or town that are leased or
rented by that entity for noncommercial seasonal recreational or noncommercial seasonal
recreational residential use are exempt.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for taxes payable in 2009 and
thereafter.
new text end

Sec. 2.

Minnesota Statutes 2006, section 272.03, subdivision 2, is amended to read:


Subd. 2.

Personal property.

For the purposes of taxation, "personal property"
includes:

(1) All goods, chattels, money and effects;

(2) All ships, boats, and vessels belonging to inhabitants of this state and all capital
invested therein;

(3) All improvements upon land the fee of which is vested in the United States,new text begin the
state, except lands held in trust by the state under section 281.25, a county, city, or town,
new text end
and all improvements upon land the title to which is vested in any corporation whose
property is not subject to the same mode and rule of taxation as other property;

(4) All stock of nursery operators, growing or otherwise;

(5) All gas, electric, and water mains, pipes, conduits, subways, poles, and wires of
gas, electric light, water, heat, or power companies, and all tracks, roads, conduits, poles,
and wires of street railway, plank road, gravel road, and turnpike companies;

(6) All credits over and above debts owed by the creditor;

(7) The income of every annuity, unless the capital of the annuity is taxed within
this state;

(8) All public stocks and securities;

(9) All personal estate of moneyed corporations, whether the owners reside within
or without the state;

(10) All shares in foreign corporations owned by residents of this state; and

(11) All shares in banks organized under the laws of the United States or of this state.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for taxes payable in 2009 and
thereafter.
new text end

Sec. 3.

Minnesota Statutes 2006, section 273.19, subdivision 1, is amended to read:


Subdivision 1.

Tax-exempt property; lease.

Except as provided in subdivision 3 or
4, tax-exempt property held under a lease for a term of at least one year, and not taxable
under section 272.01, subdivision 2, or under a contract for the purchase thereof, shall be
considered, for all purposes of taxation, as the property of the person holding it. In this
subdivision, "tax-exempt property" means property owned by the United States, the state,
a school, or any religious, scientific, or benevolent society or institution, incorporated or
unincorporated, or any corporation whose property is not taxed in the same manner as
other property. This subdivision does not apply to property exempt from taxation under
section 272.01, subdivision 2, paragraph (b), clauses (2), (3), and (4)new text begin , and does not apply
to federal or state government fee land that is leased or rented for noncommercial seasonal
recreational or noncommercial seasonal recreational residential use
new text end .

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for taxes payable in 2009 and
thereafter.
new text end