Bill Text: MN HF2963 | 2013-2014 | 88th Legislature | Introduced
Bill Title: Housing project tax increment financing requirements modified.
Spectrum: Partisan Bill (Democrat 3-0)
Status: (Introduced - Dead) 2014-03-12 - Introduction and first reading, referred to Taxes [HF2963 Detail]
Download: Minnesota-2013-HF2963-Introduced.html
1.2relating to taxation; tax increment financing; modifying requirements for housing
1.3projects;amending Minnesota Statutes 2012, section 469.1761, subdivision 2;
1.4repealing Minnesota Statutes 2012, section 469.1761, subdivision 3.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. Minnesota Statutes 2012, section 469.1761, subdivision 2, is amended to read:
1.7 Subd. 2.Owner-occupied housing Income requirement. For owner-occupied
1.8residential property, 95 Ninety-five percent of the housing units must be initially purchased
1.9and occupied by individuals whose family income is less than or equal to the income
1.10requirements for qualified mortgage bond projects under section 143(f) of the Internal
1.11Revenue Code, or the property must satisfy the income requirements for a qualified
1.12residential rental project as defined in section 142(d) of the Internal Revenue Code.
1.13EFFECTIVE DATE.This section is effective for districts for which the request for
1.14certification is made after final enactment of this section.
1.15 Sec. 2. REPEALER.
1.16Minnesota Statutes 2012, section 469.1761, subdivision 3, is repealed.
1.17EFFECTIVE DATE.This section is effective the day following final enactment.
1.3projects;amending Minnesota Statutes 2012, section 469.1761, subdivision 2;
1.4repealing Minnesota Statutes 2012, section 469.1761, subdivision 3.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. Minnesota Statutes 2012, section 469.1761, subdivision 2, is amended to read:
1.7 Subd. 2.
1.8
1.9
1.10requirements for qualified mortgage bond projects under section 143(f) of the Internal
1.11Revenue Code, or the property must satisfy the income requirements for a qualified
1.12residential rental project as defined in section 142(d) of the Internal Revenue Code.
1.13EFFECTIVE DATE.This section is effective for districts for which the request for
1.14certification is made after final enactment of this section.
1.15 Sec. 2. REPEALER.
1.16Minnesota Statutes 2012, section 469.1761, subdivision 3, is repealed.
1.17EFFECTIVE DATE.This section is effective the day following final enactment.
