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HF3140 (Legislative Session 94 (2025-2026))

Marshall; special tax increment financing rules authorized.

Related bill: SF2463

AI Generated Summary

Purpose of the Bill

The purpose of this bill is to provide special temporary rules for tax increment financing (TIF) specific to the city of Marshall, Minnesota. The bill allows for specific extensions and uses of tax increments previously collected from designated areas within the city.

Main Provisions

  • Special Authorization: The bill permits the city of Marshall to utilize, loan, or invest tax increments collected from TIF Districts No. 11, 17, and 21 until December 31, 2027.
  • Spending Plan Requirement: The city is required to follow a written spending plan, as mandated by existing Minnesota statutes, to guide the use of these increments.
  • Return of Funds: Any increments not utilized by the end of 2027, along with any related investment returns or loan repayments, must be returned to the respective TIF district.

Significant Changes to Existing Law

  • The bill temporarily overrides a limitation in Minnesota Statutes section 469.176, allowing the city of Marshall extended time to use tax increments beyond what is generally permitted.

Relevant Terms

tax increment financing, TIF, city of Marshall, spending plan, investment, loan, tax increment districts, Minnesota statutes

Bill text versions

Past committee meetings

  • Taxes on: April 10, 2025 10:15

Actions

DateChamberWhereTypeNameCommittee Name
April 07, 2025HouseFloorActionIntroduction and first reading, referred toTaxes
April 07, 2025HouseFloorActionIntroduction and first reading, referred toTaxes

Citations

 
[
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "This bill provides special rules for the use of tax increment financing for the city of Marshall under section 469.176, subdivision 4n.",
      "modified": [
        "Allows the city of Marshall to extend the use of tax increment until December 31, 2027."
      ]
    },
    "citation": "469.176",
    "subdivision": "subdivision 4n"
  },
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "Defines elements of tax increment financing as referenced in the bill for the city of Marshall under section 469.174, subdivision 25.",
      "modified": [
        "Clarifies the definition of 'increment' within the city's financing strategy."
      ]
    },
    "citation": "469.174",
    "subdivision": "subdivision 25"
  }
]

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