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SF585 (Legislative Session 94 (2025-2026))

Five- and six-year rules extension for certain districts

Related bill: HF338

AI Generated Summary

The bill SF No 585 proposes changes in the tax increment financing (TIF) regulations concerning housing districts in Minnesota. These changes include:

  1. Extending the application period of both the five- and six-year rules for certain tax increment financing districts, although specific details of these extensions are not provided in the text provided.

  2. Removing income limits for eligibility in certain housing districts located in metropolitan counties in Minnesota. Traditionally, these limitations restrict housing to those with specified income levels to ensure affordable housing, but the bill proposes to eliminate these restrictions.

  3. Restricting the fraction of building space in housing districts, financed by tax increments, that can be used for commercial, retail, or other non-residential purposes to no more than 20% of the total building area.

These amendments aim to adjust the criteria and benefits provided under tax increment financing, particularly in terms of eligibility and usage of spaces within these districts, potentially to stimulate more flexible development and utilization of properties within specified areas in Minnesota.

Bill text versions

Actions

DateChamberWhereTypeNameCommittee Name
January 22, 2025HouseFloorActionIntroduction and first reading
January 22, 2025SenateFloorActionIntroduction and first reading
January 22, 2025HouseFloorActionReferred toTaxes
January 22, 2025SenateFloorActionReferred toTaxes

Citations

 
[
  {
    "analysis": {
      "added": [],
      "removed": [
        "Income restrictions for housing districts in metropolitan counties."
      ],
      "summary": "This bill amends the existing requirements imposed on tax increment financing districts categorized as housing districts under section 469.1761.",
      "modified": [
        "Clarification on building usage requirements for tax assisted projects."
      ]
    },
    "citation": "469.1761",
    "subdivision": "subdivision 1"
  },
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "References the definition of metropolitan counties for applicability of new tax increment financing rules.",
      "modified": []
    },
    "citation": "473.121",
    "subdivision": "subdivision 4"
  },
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "Defines 'targeted area' exemptions from the requirements of section 469.1761.",
      "modified": []
    },
    "citation": "462C.02",
    "subdivision": "subdivision 9"
  }
]

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