HF112

HF112 (Legislative Session 94 (2025-2026))

Definition of financial assistance modified to include certain tax increment financing or allocations of low-income housing credits, and definition of project expanded.

AI Generated Summary

This legislative bill proposes changes to the definitions and qualifications for financial assistance related to economic development in Minnesota. It aims to modify the understanding of what constitutes financial assistance by including tax increment financing and allocations of low-income housing credits. The bill particularly focuses on projects that involve substantial amounts of financial aid for multifamily housing projects. In simpler terms, the bill is designed to broaden the scope of financial support provided to economic development projects, making it easier for larger and multifamily housing developments to qualify for state financial assistance.

Bill text versions

Introduction PDF file

Past committee meetings

Taxes on: April 03, 2025 10:15

Actions

Date	Chamber	Where	Type	Name	Committee Name
February 09, 2025	House	Floor	Action	Introduction and first reading, referred to	Workforce, Labor, and Economic Development Finance and Policy

Citations

[
  {
    "analysis": {
      "added": [
        "The inclusion of tax increment financing and allocations of low-income housing credits in the definition of financial assistance."
      ],
      "removed": [],
      "summary": "This bill modifies the definition of financial assistance under section 116J.871, subdivision 1.",
      "modified": [
        "Clarifies what constitutes financial assistance under the economic development purposes."
      ]
    },
    "citation": "116J.871"
  },
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "This bill references allocations or awards of low-income housing credits as provided in section 462A.222.",
      "modified": []
    },
    "citation": "462A.222"
  },
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "The bill mentions employment and training services as defined in section 116L.19, subdivision 4.",
      "modified": []
    },
    "citation": "116L.19"
  },
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "The bill references the definition of a state agency as outlined in section 16B.01, subdivision 2.",
      "modified": []
    },
    "citation": "16B.01"
  },
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "The term allocating agency is given meaning according to section 462A.221, subdivision 1a.",
      "modified": []
    },
    "citation": "462A.221"
  }
]