SF 949

as introduced - 80th Legislature (1997 - 1998) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to economic development; placing a moratorium 
  1.3             on grants, loans, tax increment financing, tax 
  1.4             waivers, and deductions; proposing coding for new law 
  1.5             in Minnesota Statutes, chapter 116J.  
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  [116J.992] [CORPORATE AID MORATORIUM.] 
  1.8      A moratorium is established preventing further issuance of 
  1.9   the following:  
  1.10     (1) new grants and payments on existing grants, loans, tax 
  1.11  increment financing, tax waivers, and tax deductions for 
  1.12  economic development; 
  1.13     (2) new tax expenditures for economic development; and 
  1.14     (3) financial assistance for the construction or rebuilding 
  1.15  of a professional sports stadium. 
  1.16  The moratorium shall apply to all state agencies and local units 
  1.17  of government until the department of trade and economic 
  1.18  development meets reporting requirements of sections 116J.541 
  1.19  and 116J.991. 
  1.20     Sec. 2.  [EFFECTIVE DATE.] 
  1.21     This act takes effect the day after final enactment.