SF2463

SF2463 (Legislative Session 94 (2025-2026))

Marshall tax increment financing special rules authorization

Related bill: HF3140

AI Generated Summary

This bill pertains to tax increment financing (TIF) in the city of Marshall, Minnesota. It allows the city to temporarily use, loan, or invest TIF funds from TIF Districts No. 11, No. 17, or No. 21 through December 31, 2027, as long as the expenditures align with a written spending plan adopted per state law. Any unused or unallocated funds by the deadline must be returned to the respective TIF districts, including any proceeds, principal, interest, or earnings associated with these funds.

Bill text versions

Introduction PDF file

Actions

Date	Chamber	Where	Type	Name	Committee Name
March 12, 2025	House	Floor	Action	Introduction and first reading
March 12, 2025	Senate	Floor	Action	Introduction and first reading
March 12, 2025	House	Floor	Action	Referred to	Taxes
March 12, 2025	Senate	Floor	Action	Referred to	Taxes

Citations

[
  {
    "analysis": {
      "added": [
        "Authorizes the city of Marshall to spend, loan, or invest transferred increments until December 31, 2027."
      ],
      "removed": [
        ""
      ],
      "summary": "This bill authorizes the city of Marshall to utilize increment financing with specific conditions under section 469.176 subdivision 4n.",
      "modified": [
        ""
      ]
    },
    "citation": "469.176",
    "subdivision": "subdivision 4n"
  },
  {
    "analysis": {
      "added": [
        "Requirement for a written spending plan for the use of transferred increments."
      ],
      "removed": [
        ""
      ],
      "summary": "The city of Marshall must detail the use of transferred increments in a written spending plan per section 469.176 subdivision 4n.",
      "modified": [
        ""
      ]
    },
    "citation": "469.176",
    "subdivision": "subdivision 4n"
  },
  {
    "analysis": {
      "added": [
        "Clarifies definition of tax increment related repayments or returns."
      ],
      "removed": [
        ""
      ],
      "summary": "Defines what constitutes tax increment under section 469.174 subdivision 25 for the purpose of this legislation.",
      "modified": [
        ""
      ]
    },
    "citation": "469.174",
    "subdivision": "subdivision 25"
  }
]