Bill Text: MN HF2849 | 2011-2012 | 87th Legislature | Introduced
Bill Title: Exempt property held for economic development allowable holding period modified.
Sponsorship: Partisan Bill (Republican 3)
Status: (Introduced - Dead) 2012-03-14 - Division action, to pass and return to Taxes [HF2849 Detail]
Download: Minnesota-2011-HF2849-Introduced.html
1.2relating to taxation; property; modifying the allowable holding period for exempt
1.3property held for economic development;amending Minnesota Statutes 2011
1.4Supplement, section 272.02, subdivision 39.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. Minnesota Statutes 2011 Supplement, section 272.02, subdivision 39,
1.7is amended to read:
1.8 Subd. 39. Economic development; public purpose. The holding of property by a
1.9political subdivision of the state for later resale for economic development purposes shall
1.10be considered a public purpose in accordance with subdivision 8 for a period not to exceed
1.11nine years, except that for property located in a city of 5,000 population or under that is
1.12located outside of the metropolitan area as defined in section
473.121, subdivision 2, the
1.13period must not exceed 15 years.
1.14The holding of property by a political subdivision of the state for later resale (1)
1.15which is purchased or held for housing purposes, or (2) which meets the conditions
1.16described in section469.174, subdivision 10 , shall be considered a public purpose in
1.17accordance with subdivision 8.
1.18The governing body of the political subdivision which acquires property which is
1.19subject to this subdivision shall after the purchase of the property certify to the city or
1.20county assessor whether the property is held for economic development purposes or
1.21housing purposes, or whether it meets the conditions of section469.174, subdivision 10 .
1.22If the property is acquired for economic development purposes and buildings or other
1.23improvements are constructed after acquisition of the property, and if more than one-half
1.24of the floor space of the buildings or improvements which is available for lease to or use
2.1by a private individual, corporation, or other entity is leased to or otherwise used by
2.2a private individual, corporation, or other entity the provisions of this subdivision shall
2.3not apply to the property. This subdivision shall not create an exemption from section
2.4272.01, subdivision 2
;
272.68 ;
273.19 ; or
469.040, subdivision 3 ; or other provision of
2.5law providing for the taxation of or for payments in lieu of taxes for publicly held property
2.6which is leased, loaned, or otherwise made available and used by a private person.
2.7EFFECTIVE DATE.This section is effective for assessment year 2012 and
2.8thereafter and for taxes payable in 2013 and thereafter.
1.3property held for economic development;amending Minnesota Statutes 2011
1.4Supplement, section 272.02, subdivision 39.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. Minnesota Statutes 2011 Supplement, section 272.02, subdivision 39,
1.7is amended to read:
1.8 Subd. 39. Economic development; public purpose. The holding of property by a
1.9political subdivision of the state for later resale for economic development purposes shall
1.10be considered a public purpose in accordance with subdivision 8 for a period not to exceed
1.11
1.12
1.13
1.14The holding of property by a political subdivision of the state for later resale (1)
1.15which is purchased or held for housing purposes, or (2) which meets the conditions
1.16described in section
1.17accordance with subdivision 8.
1.18The governing body of the political subdivision which acquires property which is
1.19subject to this subdivision shall after the purchase of the property certify to the city or
1.20county assessor whether the property is held for economic development purposes or
1.21housing purposes, or whether it meets the conditions of section
1.22If the property is acquired for economic development purposes and buildings or other
1.23improvements are constructed after acquisition of the property, and if more than one-half
1.24of the floor space of the buildings or improvements which is available for lease to or use
2.1by a private individual, corporation, or other entity is leased to or otherwise used by
2.2a private individual, corporation, or other entity the provisions of this subdivision shall
2.3not apply to the property. This subdivision shall not create an exemption from section
2.5law providing for the taxation of or for payments in lieu of taxes for publicly held property
2.6which is leased, loaned, or otherwise made available and used by a private person.
2.7EFFECTIVE DATE.This section is effective for assessment year 2012 and
2.8thereafter and for taxes payable in 2013 and thereafter.
