as introduced - 88th Legislature (2013 - 2014) Posted on 03/13/2014 09:46am
A bill for an act
relating to taxation; tax increment financing; modifying requirements for housing
projects; amending Minnesota Statutes 2012, section 469.1761, subdivision 2;
repealing Minnesota Statutes 2012, section 469.1761, subdivision 3.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Minnesota Statutes 2012, section 469.1761, subdivision 2, is amended to read:
deleted text begin For owner-occupied
residential property, 95deleted text end new text begin Ninety-fivenew text end percent of the housing units must be initially deleted text begin purchased
anddeleted text end occupied by individuals whose family income is less than or equal to the income
requirements for qualified mortgage bond projects under section 143(f) of the Internal
Revenue Codenew text begin , or the property must satisfy the income requirements for a qualified
residential rental project as defined in section 142(d) of the Internal Revenue Codenew text end .
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This section is effective for districts for which the request for
certification is made after final enactment of this section.
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Minnesota Statutes 2012, section 469.1761, subdivision 3,
new text end
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is repealed.
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This section is effective the day following final enactment.
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