SF 404

as introduced - 79th Legislature (1995 - 1996) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act
  1.2             relating to tax increment financing; increasing the 
  1.3             maximum increment for ethanol projects exempt from the 
  1.4             state aid reductions; amending Minnesota Statutes 
  1.5             1994, section 273.1399, subdivision 6. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 1994, section 273.1399, 
  1.8   subdivision 6, is amended to read: 
  1.9      Subd. 6.  [EXEMPTION; ETHANOL PROJECTS.] (a) The provisions 
  1.10  of this section do not apply to a tax increment financing 
  1.11  district that satisfies all of the following requirements: 
  1.12     (1) The district is an economic development district, that 
  1.13  qualifies under section 469.176, subdivision 4c, paragraph (a), 
  1.14  clause (1). 
  1.15     (2) The facility is certified by the commissioner of 
  1.16  revenue to qualify for state payments for ethanol development 
  1.17  under section 41A.09 to the extent funds are available. 
  1.18     (3) Increments from the district are used only to finance 
  1.19  the qualifying ethanol development project located in the 
  1.20  district or to pay for administrative costs of the district. 
  1.21     (4) The district is located outside of the seven-county 
  1.22  metropolitan area, as defined in section 473.121. 
  1.23     (5) The tax increment financing plan was approved by a 
  1.24  resolution of the county board. 
  1.25     (6) (b) The exemption provided by this subdivision does not 
  2.1   apply beginning for the first year after the total amount of 
  2.2   increment for the district does not exceed $1,000,000 exceeds 
  2.3   $1,500,000.  The county auditor shall notify the commissioners 
  2.4   of revenue and education of the expiration of the exemption by 
  2.5   June 1 of the year in which the revenues from increments will 
  2.6   exceed $1,500,000 if all the levied taxes for that year are paid 
  2.7   when due. 
  2.8      Sec. 2.  [EFFECTIVE DATE.] 
  2.9      Section 1 is effective the day following final enactment 
  2.10  and applies to a tax increment financing district, regardless of 
  2.11  when the request for certification was made.