Bill > HF112

This bill modifies the definitions of financial assistance and project in Minnesota statutes to expand the scope of economic development reporting and tax-related regulations. Specifically, the bill expands the definition of financial assistance to include tax increment financing (TIF) for developments with 25 or more multifamily housing units or developments receiving at least $100,000 in financial assistance, and adds allocations of low-income housing credits to the definition. The bill also broadens the definition of a project to include public works or buildings that are owned by a city, county, or school district and involve construction or renovation that qualifies for sales and use tax exemptions. The changes aim to provide more comprehensive tracking and reporting of economic development activities, particularly in housing and public infrastructure projects. The modifications will take effect for financial assistance provided after August 1, 2025, giving state agencies and local governments time to adapt to the new definitions. The bill uses technical terms like TIF (tax increment financing) and references specific Minnesota statutes to precisely define these expanded definitions.

Labor and Employment

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF0112&ssn=0&y=2025