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SF 3535

as introduced - 92nd Legislature (2021 - 2022) Posted on 03/01/2022 08:56am

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

Current Version - as introduced

Line numbers 1.1 1.2 1.3 1.4 1.5
1.6 1.7 1.8 1.9 1.10 1.11 1.12 1.13
1.14 1.15

A bill for an act
relating to taxation; property; modifying exemptions of property owned by certain
limited liability companies; amending Minnesota Statutes 2020, section 272.02,
subdivision 35.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2020, section 272.02, subdivision 35, is amended to read:


Subd. 35.

Treatment of property of certain limited liability companies.

new text begin(a) new text endFor
purposes of the exemptions granted by subdivisions 1 to 33new text begin and 42, paragraph (b)new text end, property
owned or operated by a limited liability company consisting of a sole member shall be
treated as if owned or operated by that member.

new text begin (b) For assessment year 2022 only, an exemption application under subdivision 42,
paragraph (b), for property owned or operated by a limited liability company consisting of
a sole member must be filed with the county assessor by July 1, 2022.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective beginning with taxes payable in 2023
and thereafter.
new text end