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SF 3519

as introduced - 90th Legislature (2017 - 2018) Posted on 03/20/2018 08:57am

KEY: stricken = removed, old language.
underscored = added, new language.

Current Version - as introduced

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A bill for an act
relating to taxation; property; exempting the first $200,000 of market value of
commercial-industrial property from the state general levy; amending Minnesota
Statutes 2017 Supplement, section 275.025, subdivision 2.


Section 1.

Minnesota Statutes 2017 Supplement, section 275.025, subdivision 2, is amended
to read:

Subd. 2.

Commercial-industrial tax capacity.

For the purposes of this section,
"commercial-industrial tax capacity" means the tax capacity of all taxable property classified
as class 3 or class 5(1) under section 273.13, excluding:

(1) the tax capacity attributable to the first deleted text begin$100,000deleted text endnew text begin $200,000new text end of market value of each
parcel of commercial-industrial property as defined under section 273.13, subdivision 24,
clauses (1) and (2);

(2) electric generation attached machinery under class 3; and

(3) property described in section 473.625.

County commercial-industrial tax capacity amounts are not adjusted for the captured
net tax capacity of a tax increment financing district under section 469.177, subdivision 2,
the net tax capacity of transmission lines deducted from a local government's total net tax
capacity under section 273.425, or fiscal disparities contribution and distribution net tax
capacities under chapter 276A or 473F. For purposes of this subdivision, the procedures
for determining eligibility for tier 1 under section 273.13, subdivision 24, clauses (1) and
(2), shall apply in determining the portion of a property eligible to be considered within the
first $100,000 of market value.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective beginning with taxes payable in 2019.
new text end