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Senate Counsel, Research and Fiscal Analysis
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Minnesota Senate Bldg.
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95 University Avenue W. Suite 3300
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St. Paul, MN 55155
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(651) 296-4791
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Alexis C. Stangl
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Director
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Senate
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State of Minnesota
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S.F. No. 1026 - Pollution Control Property Tax Credit
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Author:
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Senator Tom Saxhaug
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Prepared By:
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Nora Pollock, Senate Counsel (651/297-8066)
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Date:
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March 13, 2013
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Section 1. [Personal property exemption] Removes the exemption for real property if the property is part of an electric generation system. Provides that personal property (machinery and equipment used in the business or production that would otherwise be real property) is not exempt if it is part of an electric generation system. Effective beginning for property taxes payable in 2014.
Section 2. [Corporate tax credit] Provides an income tax credit equal to the property tax incurred on qualified property owned by a unitary business. “Qualified property” is defined as property that is part of an electric generation system subject to property tax that would have qualified as exempt if the property were not part of an electrical generation system. The unitary business may allocate the credit to any of its members. For assessment years after 2012, the amount of tax qualifying for the credit is determined according to the net tax capacity of the property and the local property tax rate. County auditors and assessors must provide information necessary to administer the tax credit to the Commissioner of Revenue upon the commissioner's request. Effective for property taxes payable in 2014.
NBP:dv
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Last review or update: 03/13/2013
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