SF 2898

as introduced - 80th Legislature (1997 - 1998) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to education; prioritizing use of the 
  1.3             property tax reform account; amending Minnesota 
  1.4             Statutes 1997 Supplement, section 16A.1521. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  Minnesota Statutes 1997 Supplement, section 
  1.7   16A.1521, is amended to read: 
  1.8      16A.1521 [PROPERTY TAX REFORM ACCOUNT.] 
  1.9      (a) A property tax reform account is established in the 
  1.10  general fund. 
  1.11     (b) Amounts in the account are available for and may only 
  1.12  be spent to reform the property tax system by: 
  1.13     (1) reducing the class rates to the target rates specified 
  1.14  in section 273.13, subdivision 32, or to further reduce the 
  1.15  ratio of the highest class rate to lowest class rate; 
  1.16     (2) increasing state education aids to reduce property 
  1.17  taxes; 
  1.18     (3) increasing the state share of education funding to 70 
  1.19  percent; 
  1.20     (4) increasing the education homestead credit; or 
  1.21     (5) increasing the property tax refund. 
  1.22  As provided by section 273.13, subdivision 32, the governor 
  1.23  shall recommend to the legislature uses of money in the account 
  1.24  to compress class rate ratios, while mitigating the shifting of 
  1.25  relative property tax burdens from one class to another through 
  2.1   the mechanisms listed in clauses (2) through (5).  Priority must 
  2.2   be given to increasing the state share of education funding to 
  2.3   70 percent. 
  2.4      (c) The balance in the account does not cancel and remains 
  2.5   in the account until appropriated for property tax reform.  
  2.6   Investment earnings on the account are credited to the account.