Minnesota Legislature
SF 1953
as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am
Current Version - as introduced
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A bill for an act
relating to housing; increasing the deed tax to
provide rental housing assistance; amending Minnesota
Statutes 2004, sections 287.21, subdivision 1;
462A.201, by adding a subdivision; 462A.33, by adding
a subdivision.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Section 1.
Minnesota Statutes 2004, section 287.21,
subdivision 1, is amended to read:
Subdivision 1.
Determination of tax.
(a) A tax is
imposed on each deed or instrument by which any real property in
this state is granted, assigned, transferred, or otherwise
conveyed. The tax applies against the net consideration.
(b) The tax is determined in the following manner: (1)
when transfers are made by instruments pursuant to mergers,
consolidations, sales, or transfers of substantially all of the
assets of the entities as defined in section 287.20, subdivision
9, pursuant to plans of reorganization, the tax is $1.65; (2)
when there is no consideration or when the consideration,
exclusive of the value of any lien or encumbrance remaining
thereon at the time of sale, is $500 or less, the tax is $1.65;
or (3) when the consideration, exclusive of the value of any
lien or encumbrance remaining at the time of sale, exceeds $500,
the tax isdeleted text begin .0033 deleted text end new text begin .00358 new text end of the net consideration.
(c) The tax is due at the time a taxable deed or instrument
is presented for recording.
Sec. 2.
Minnesota Statutes 2004, section 462A.201, is
amended by adding a subdivision to read:
new text begin Subd. 8. new text end
new text begin Appropriation. new text end
new text begin
An amount equal to the proceeds
of the deed tax under section 287.21, subdivision 1, paragraph
(b), clause (3), on .00014 of the net consideration is
appropriated from the general fund to the commissioner of
finance for transfer to the housing development fund and credit
to the housing trust fund account to be used for rental
assistance.
new text end
Sec. 3.
Minnesota Statutes 2004, section 462A.33, is
amended by adding a subdivision to read:
new text begin Subd. 9. new text end
new text begin Appropriation. new text end
new text begin
An amount equal to the proceeds
of the deed tax under section 287.21, subdivision 1, paragraph
(b), clause (3), on .00014 of the net consideration is
appropriated from the general fund to the commissioner of
finance for transfer to the housing development fund to be used
for the economic development and housing challenge program.
new text end