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HF2053 (Legislative Session 94 (2025-2026))

Tax increment financing; special rules authorized for the city of Moorhead.

Related bill: SF1994

AI Generated Summary

Purpose of the Bill

The bill aims to modify tax increment financing rules specifically for the city of Moorhead, Minnesota.

Main Provisions

  • Extension of the Five-Year Rule: Typically, the use of tax increment financing (TIF) funds in Minnesota must comply with certain timelines. For Moorhead's Tax Increment Financing District No. 31, this bill extends the usual five-year period to ten years.
  • Extension of Increment Use Period: After the initial period, TIF funds can traditionally be used for a set number of additional years. This bill extends that subsequent period to 11 years.

Significant Changes

  • The bill changes existing tax increment financing statutes by allowing longer periods for the utilization of TIF funds in the specified district within Moorhead. Normally, these timeframes are shorter, thus providing more flexibility and time for the city to use these financial resources for development purposes.

Relevant Terms

  • Tax increment financing (TIF)
  • City of Moorhead
  • Five-year rule
  • Extension

Bill text versions

Actions

DateChamberWhereTypeNameCommittee Name
March 09, 2025HouseFloorActionIntroduction and first reading, referred toTaxes

Citations

 
[
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "This bill modifies the time frames for tax increment financing in the city of Moorhead related to section 469.1763.",
      "modified": [
        "Extends the five-year period for tax increment financing to ten years.",
        "Extends the period for the use of increments after the five-year period to eleven years."
      ]
    },
    "citation": "469.1763"
  }
]

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