2003 Minnesota Statutes

     477A.08 Job opportunity building zone aid. 

    Subdivision 1.    Eligibility.  (a) For each assessment 
 year that the exemption for job opportunity building zone 
 property is in effect under section 272.02, subdivision 64, the 
 assessor shall determine the difference between the actual net 
 tax capacity and the net tax capacity that would be determined 
 for the job opportunity building zone, including any property 
 removed from the zone that continues to qualify under section 
 469.320, subdivision 4, if the exemption were not in effect. 

    (b) Each city and county is eligible for aid equal to 
 one-half of: 

    (1) the amount by which the sum of the differences 
 determined in paragraph (a) for the corresponding assessment 
 year exceeds three percent of the city's or county's total 
 taxable net tax capacity for taxes payable in 2003, multiplied 
 by 

    (2) the city's or the county's, as applicable, average 
 local tax rate for taxes payable in 2003. 

    Subd. 2.    Certification.  The county assessor shall 
 notify the commissioner of revenue of the amount determined 
 under subdivision 1, paragraph (b), clause (1), for any city or 
 county that qualifies for aid under this section by June 30 of 
 the assessment year, in a form prescribed by the commissioner.  
 The commissioner shall notify each city and county of its 
 qualifying aid amount by August 15 of the assessment year. 

    Subd. 3.    Appropriation; payment.  The commissioner 
 shall pay each city and county its qualifying aid amount by July 
 20 of the following year.  An amount sufficient to pay the aid 
 under this section is appropriated to the commissioner of 
 revenue from the general fund. 

    HIST: 1Sp2003 c 21 art 1 s 26 

*   NOTE:  This section, as added by Laws 2003, First Special 
*Session chapter 21, article 1, section 26, is effective 
*beginning for aid based on property taxes assessed in 2004, 
*payable in 2005.  Laws 2003, First Special Session chapter 21, 
*article 1, section 26, the effective date.