as introduced - 93rd Legislature (2023 - 2024) Posted on 04/24/2024 05:09pm
Engrossments | ||
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Introduction | Posted on 03/19/2024 |
A bill for an act
relating to taxation; sales and use; providing a refundable exemption for
construction materials used in certain housing development projects in St. Louis
County.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
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(a) Materials and supplies used or consumed in and
equipment incorporated into the construction, reconstruction, upgrade, expansion, renovation,
or remodeling of the following projects in St. Louis County are exempt from sales and use
tax under Minnesota Statutes, chapter 297A, provided that the materials, supplies, and
equipment are purchased after June 30, 2024, and before July 1, 2026:
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(1) an apartment development that includes at least 100 units;
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(2) a condominium development that includes at least 60 units; or
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(3) a townhome development that includes at least 40 units.
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(b) The tax must be imposed and collected as if the rate under Minnesota Statutes, section
297A.62, subdivision 1, applied and then refunded in the same manner provided for projects
under Minnesota Statutes, section 297A.75, subdivision 1, clause (17).
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The amount required to pay the refunds under subdivision 1
is appropriated from the general fund to the commissioner of revenue.
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This section is effective the day following final enactment.
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