Purpose of the Bill

The bill aims to provide a financial incentive through tax exemptions for the development of the Upper Harbor Terminal Amphitheater in Minneapolis. By exempting certain construction materials from sales and use tax, the bill seeks to reduce project costs.

Main Provisions

• Tax Exemption for Construction: The bill offers a refundable exemption from sales and use taxes for materials, supplies, fixtures, furniture, and equipment used for the amphitheater's construction and related activities.
• Eligible Parties: The exemption applies to purchases made by contractors, subcontractors, or the amphitheater's operators.
• Time Frame: Eligible purchases must occur between July 1, 2025, and December 31, 2028.

Significant Changes

• This creates a specific tax exemption not present in the current statutes, aimed at supporting a particular public infrastructure project.
• Refunds for the sales and use taxes paid will be managed as outlined in existing tax code, with funds appropriated by the state to cover refunds.

Relevant Terms

sales tax, use tax, tax exemption, amphitheater construction, Minneapolis, public infrastructure, refund, contractor, subcontractor.