1.1 	A bill for an act
1.2 	relating to taxation; property; modifying the school building bond agricultural 
1.3 	credit;amending Minnesota Statutes 2018, section 273.1387, subdivision 2.
1.4 	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.5 	Section 1. Minnesota Statutes 2018, section 273.1387, subdivision 2, is amended to read:
1.6 		Subd. 2.Credit amount. For each qualifying property, the school building bond 
1.7 	agricultural credit is equal to 40 100 percent of the property's eligible net tax capacity 
1.8 	multiplied by the school debt tax rate determined under section 275.08, subdivision 1b.

1.9 	EFFECTIVE DATE. This section is effective for property taxes payable in 2020.