SF 1474

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

  1.1                          A bill for an act 
  1.2             relating to taxation; prohibiting use of tax increment 
  1.3             subsidies to certain employers; amending Minnesota 
  1.4             Statutes 1994, section 469.176, by adding a 
  1.5             subdivision. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 1994, section 469.176, is 
  1.8   amended by adding a subdivision to read: 
  1.9      Subd. 8.  [WAGE REQUIREMENTS.] Revenues from tax increments 
  1.10  may not be used to provide a subsidy or inducement to any 
  1.11  employer unless that employer enters into a binding agreement 
  1.12  with the authority under which it agrees to pay wages that are 
  1.13  at least equal to 135 percent of the minimum wage established 
  1.14  under section 177.24 to all employees employed at a site located 
  1.15  within the tax increment district. 
  1.16     Sec. 2.  [EFFECTIVE DATE.] 
  1.17     Section 1 is effective the day following final enactment, 
  1.18  and applies to all tax increment financing districts, regardless 
  1.19  of when request for certification was made, including districts 
  1.20  for which certification was requested before August 1, 1979.