Bill > SF585

This bill extends the five- and six-year rules for tax increment financing (TIF) districts, particularly focusing on districts outside metropolitan counties. The bill modifies existing tax laws to provide more flexibility for development activities by extending the timeframes for spending tax increment revenues. Specifically, for districts certified after June 30, 2025, and not located in a metropolitan county (as defined in Minnesota law), the five-year period for expending tax increment revenues is extended to ten years after the district's certification. The bill also removes income restrictions for housing districts in metropolitan counties, allowing more discretion in how these districts can use tax increment financing. Additionally, the bill provides provisions for decertification of districts, including modifications to how and when districts must be decertified based on accumulated tax increment revenues. These changes are primarily intended to accommodate development delays and provide more operational flexibility for local development authorities, especially in areas outside of metropolitan counties.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF0585&ssn=0&y=2025