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S.F. No. 1331 - Tax Increment Financing; Temporary Authority
 
Author: Senator Karin Housley
 
Prepared By: Eric S. Silvia, Senate Counsel (651/296-1771)
 
Date: March 25, 2013



 

S.F. 1331 extends the 2010 jobs bill provision that allowed authorities to spend tax increment to provide improvements, loans, interest rate subsidies, or assistance in any form to private development consisting of the construction or substantial rehabilitation of buildings and ancillary facilities.

To qualify for the two year extension, the development must: (1) create or retain jobs in Minnesota, including construction jobs; (2) the construction must begin prior to July 1, 2014; and (3) the development would not have commenced without the assistance. A detailed description of each action to be undertaken pursuant to this authority must also be included in the authority’s spending plan. The authority to spend increment expires on December 31, 2014 except for increment spent on market rate housing which expires on July 31, 2014.

Effective the day following final enactment and applies to all districts regardless of when the request for certification was made.

 

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