SF 849

as introduced - 86th Legislature (2009 - 2010) Posted on 02/09/2010 02:16am

A bill for an act
relating to taxation; job opportunity building zones; extending the allowance of
tax benefits in certain circumstances; amending Minnesota Statutes 2008, section
469.312, subdivision 5.

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

Section 1.

Minnesota Statutes 2008, section 469.312, subdivision 5, is amended to read:

Subd. 5.

Duration limit.

(a) The maximum duration of a zone is 12 years. The
applicant may request a shorter duration. The commissioner may specify a shorter
duration, regardless of the requested duration.

(b) The duration limit under this subdivision and the duration of the zone for
purposes of allowance of tax incentives described in section 469.315 is extended by three
calendar years for each parcel of property that meets the following requirements:

(1) the qualified business operates an ethanol plant, as defined in section 41A.09, on
the site that includes the parcel; and

(2) the business subsidy agreement was executed after April 30, 2006.

new text begin (c) Notwithstanding the 12-year zone limitation, any qualified business that signs
a business subsidy agreement, as required under sections 469.310, subdivision 11, and
469.313, before December 31, 2015, is entitled to claim the tax benefits for which it
qualifies under section 469.315 for the year in which the business subsidy agreement is
signed and ten additional years, if the following requirements are met:
new text end

new text begin (1) a business closed or ceased its operations during calendar year 2008 or 2009,
resulting in the loss of one or more jobs, within the jurisdiction of the local government
unit entering the business subsidy agreement; and
new text end

new text begin (2) the local government designates the qualified business as the replacement for
the business that ceased its operations, regardless of whether the qualified business is
operating in the same or similar line of business or at the same location. This authority
applies only to allow designation of one qualified business as a replacement for a business
that closed or ceased operations.
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