1.1                          A bill for an act 
  1.2             relating to property taxation; exempting agricultural 
  1.3             property from the general education levy; amending 
  1.4             Minnesota Statutes 1999 Supplement, section 273.1382, 
  1.5             subdivision 1b. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 1999 Supplement, section 
  1.8   273.1382, subdivision 1b, is amended to read: 
  1.9      Subd. 1b.  [EDUCATION AGRICULTURAL CREDIT.] Property 
  1.10  classified as class 2a agricultural homestead or class 2b 
  1.11  agricultural nonhomestead or timberland is eligible for 
  1.12  education agricultural credit.  The credit is equal to ~~54~~ 
  1.13  ~~percent, in the case of agricultural homestead property, or 50~~ 
  1.14  ~~percent, in the case of agricultural nonhomestead property or~~ 
  1.15  ~~timberland, of~~ the property's net tax capacity times the 
  1.16  education credit tax rate determined in subdivision 1.  The net 
  1.17  tax capacity of class 2a property attributable to the house, 
  1.18  garage, and surrounding one acre of land is not eligible for the 
  1.19  credit under this subdivision. 
  1.20     Sec. 2.  [EFFECTIVE DATE.] 
  1.21     Section 1 is effective for taxes payable in 2001 and 
  1.22  subsequent years.