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Bill > HF3443
MN HF3443
MN HF3443Redevelopment area homestead property tax credit established, and money appropriated.
summary
Introduced
02/19/2026
02/19/2026
In Committee
02/19/2026
02/19/2026
Crossed Over
Passed
Dead
Introduced Session
94th Legislature 2025-2026
Bill Summary
A bill for an act relating to taxation; property; establishing the redevelopment area homestead credit; appropriating money; amending Minnesota Statutes 2024, sections 273.1392; 273.1393; 275.065, subdivision 3; 275.07, by adding a subdivision; 275.08, subdivision 1b; 276.04, subdivision 2; proposing coding for new law in Minnesota Statutes, chapter 273.
AI Summary
This bill establishes a new "redevelopment area homestead credit" for properties located in cities of the second class that were designated as redevelopment areas by the U.S. Department of Commerce under the Public Works and Economic Development Act of 1965, and are classified as homestead property. The credit will be equal to 70 percent of the property's net tax capacity multiplied by the city capital debt tax rate, and it will be applied to reduce city property taxes. The bill also appropriates funds from the general fund to reimburse local governments for the tax reductions granted by this credit, with payments made to local taxing jurisdictions by the commissioner of revenue. This new credit will be applied after other existing property tax credits and will be effective for taxes payable starting in 2027.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Introduction and first reading, referred to Taxes (on 02/19/2026)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.revisor.mn.gov/bills/94/2026/0/HF/3443/ |
| BillText | https://www.revisor.mn.gov/bills/94/2026/0/HF/3443/versions/0/pdf/ |
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