SF 3340

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

  1.1                          A bill for an act
  1.2             relating to property taxes; authorizing additional 
  1.3             enterprise zone allocations for tax reductions; 
  1.4             amending Minnesota Statutes 1996, section 469.169, by 
  1.5             adding a subdivision. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 1996, section 469.169, is 
  1.8   amended by adding a subdivision to read: 
  1.9      Subd. 12.  [ADDITIONAL ENTERPRISE ZONE ALLOCATIONS.] In 
  1.10  addition to tax reductions authorized in subdivisions 7, 8, 9, 
  1.11  10, and 11, the commissioner may allocate $3,000,000 for tax 
  1.12  reductions pursuant to enterprise zone designations.  
  1.13  Allocations made under this subdivision may be used for tax 
  1.14  reductions as provided in section 469.171, or other offsets of 
  1.15  taxes imposed on or remitted by businesses located in the 
  1.16  enterprise zone, but only if the municipality determines that 
  1.17  the granting of the tax reduction or offset is necessary in 
  1.18  order to retain a business within or attract a business to the 
  1.19  enterprise zone.  Limitations on allocations under subdivision 7 
  1.20  do not apply to this allocation. 
  1.21     Sec. 2.  [EFFECTIVE DATE.] 
  1.22     Section 1 is effective the day following final enactment.