Purpose of the Bill

This bill aims to modify certain tax regulations related to the state agricultural society in Minnesota. It intends to increase the allowable debt limit for the society and provide a tax exemption on construction materials under specific conditions.

Main Provisions

• Increased Debt Limit: The bill proposes to increase the maximum allowable amount of outstanding debt for the Minnesota state agricultural society from $30,000,000 to $50,000,000. This change is to help the society manage its finances more effectively and enable it to fund necessary infrastructure and operational enhancements.

• Sales Tax Exemption: The bill introduces a sales tax exemption for certain construction materials. This exemption is applicable to materials used in particular construction projects associated with the state agricultural society. It aims to reduce the costs involved in relevant construction activities, encouraging development and maintenance of facilities.

Significant Changes to Existing Law

• The main change involves amending the Minnesota Statutes 2024, section 37.31, subdivision 1, which relates to the bonding authority of the state agricultural society. The bill increases the permissible amount of bonds that can be issued beyond the current cap, allowing the society to incur more debt than presently authorized.

Relevant Terms

• Sales Tax Exemption
• State Agricultural Society
• Bonding Authority
• Debt Limit Increase
• Construction Materials