SF 1384

as introduced - 82nd Legislature (2001 - 2002) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to taxation; property; providing an exemption 
  1.3             for certain property of agricultural preservation 
  1.4             organizations; amending Minnesota Statutes 2000, 
  1.5             section 272.02, by adding a subdivision. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 2000, section 272.02, is 
  1.8   amended by adding a subdivision to read: 
  1.9      Subd. 45.  [PROPERTY OF AGRICULTURAL PRESERVATION 
  1.10  ORGANIZATIONS.] If approved by the governing body of the county 
  1.11  in which the property is located, the first $100,000 in market 
  1.12  value of property owned by an organization formed for the 
  1.13  purpose of accumulating, restoring, exhibiting, displaying, and 
  1.14  preserving agricultural and related artifacts and memorabilia is 
  1.15  exempt if the organization is exempt from federal income 
  1.16  taxation under section 501(c)(3) of the Internal Revenue Code of 
  1.17  l986, as amended through December 31, 2000, and the property is 
  1.18  used for the purpose for which the organization was formed. 
  1.19     [EFFECTIVE DATE.] This section is effective for taxes 
  1.20  payable in 2002 and thereafter.