SF 2896

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; providing that certain money in 
  1.3             the tax increment financing grant fund will be 
  1.4             transferred to the Minnesota housing finance agency 
  1.5             for use in constructing housing for persons of low and 
  1.6             moderate income; appropriating money; amending 
  1.7             Minnesota Statutes 2001 Supplement, section 469.1799, 
  1.8             subdivision 3. 
  1.9   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.10     Section 1.  Minnesota Statutes 2001 Supplement, section 
  1.11  469.1799, subdivision 3, is amended to read: 
  1.12     Subd. 3.  [APPROPRIATION.] $91,000,000 in fiscal year 2002, 
  1.13  and $38,000,000 in each fiscal year thereafter is appropriated 
  1.14  to the commissioner of revenue from the general fund to make 
  1.15  grants under this section.  Except as provided in section 2, the 
  1.16  appropriated amounts do not lapse at the end of a fiscal year., 
  1.17  and each amount is available until the later of when expended or 
  1.18  when this section is repealed.  If the amount of grant 
  1.19  entitlements under subdivision 1 for a year exceeds the amount 
  1.20  available for grants, the commissioner of revenue shall reduce 
  1.21  each grant proportionately so the total does not exceed the 
  1.22  amount available. 
  1.23     Sec. 2.  [APPROPRIATION.] 
  1.24     In fiscal year 2003 and each fiscal year thereafter, 80 
  1.25  percent of the unused money remaining from the amounts 
  1.26  appropriated under Minnesota Statutes 2001 Supplement, section 
  1.27  469.1799, subdivision 3, is appropriated to the Minnesota 
  2.1   housing finance agency to be used to provide housing for persons 
  2.2   and families of low and moderate income.  As used in this 
  2.3   section, "unused money" is the sum of all appropriations to date 
  2.4   under Minnesota Statutes 2001 Supplement, section 469.1799, 
  2.5   subdivision 3, that have not been distributed as grants under 
  2.6   that section by December 31 of the calendar year preceding the 
  2.7   first day of the fiscal year.