| 1 | 1 | | 1.1 A bill for an act |
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| 2 | 2 | | 1.2 relating to taxation; property; extending a property tax exemption for property |
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| 3 | 3 | | 1.3 held for economic development. |
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| 4 | 4 | | 1.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: |
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| 5 | 5 | | 1.5 Section 1. EXEMPTION FOR LAND HELD FOR ECONOMIC DEVELOPMENT . |
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| 6 | 6 | | 1.6 Notwithstanding Minnesota Statutes, section 272.02, subdivision 39, property owned |
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| 7 | 7 | | 1.7by the Port Authority of the city of Bloomington that was acquired by the Port Authority |
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| 8 | 8 | | 1.8in May 2016 and exempt under Minnesota Statutes, section 272.02, subdivision 39, for |
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| 9 | 9 | | 1.9taxes payable in 2017 through 2025, must continue to be exempt pursuant to Minnesota |
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| 10 | 10 | | 1.10Statutes, section 272.02, subdivision 39, for taxes payable in 2026 through 2031 provided |
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| 11 | 11 | | 1.11that the requirements of that subdivision are met. Notwithstanding Minnesota Statutes, |
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| 12 | 12 | | 1.12section 272.025, an initial application for the exemption under this section must be filed |
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| 13 | 13 | | 1.13with the assessor by June 30, 2025. |
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| 14 | 14 | | 1.14 EFFECTIVE DATE.This section is effective the day after the governing body of the |
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| 15 | 15 | | 1.15city of Bloomington and its chief clerical officer comply with the requirements of Minnesota |
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| 16 | 16 | | 1.16Statutes, section 645.021, subdivisions 2 and 3. |
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| 17 | 17 | | 1Section 1. |
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| 18 | 18 | | 25-03109 as introduced02/10/25 REVISOR MS/ES |
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| 19 | 19 | | SENATE |
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| 20 | 20 | | STATE OF MINNESOTA |
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| 21 | 21 | | S.F. No. 1587NINETY-FOURTH SESSION |
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| 22 | 22 | | (SENATE AUTHORS: WIKLUND and Mann) |
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| 23 | 23 | | OFFICIAL STATUSD-PGDATE |
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| 24 | 24 | | Introduction and first reading02/20/2025 |
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| 25 | 25 | | Referred to Taxes |
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