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Minnesota Legislature

Office of the Revisor of Statutes

SF 3566

as introduced - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am

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

Current Version - as introduced

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A bill for an act
relating to economic development abatements; modifying the maximum
limitation on abatements; amending Minnesota Statutes 2006, section 469.1813,
subdivision 8.

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

Section 1.

Minnesota Statutes 2006, section 469.1813, subdivision 8, is amended to
read:


Subd. 8.

Limitation on abatements.

In any year, the total amount of property
taxes abated by a political subdivision under this section may not exceed (1) ten percent
of the deleted text begincurrent levydeleted text endnew text begin net tax capacity of the political subdivision for the taxes payable year
to which the abatement applies
new text end, or (2) $200,000, whichever is greater. The limit under
this subdivision does not apply to:

(i) an uncollected abatement from a prior year that is added to the abatement levy; or

(ii) a taxpayer whose real and personal property is subject to valuation under
Minnesota Rules, chapter 8100.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for abatement resolutions approved
after the day following final enactment.
new text end