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SF2016 (Legislative Session 94 (2025-2026))

School building bond agricultural credit increase

AI Generated Summary

The bill (S.F. No. 2016) proposes an amendment to Minnesota Statutes 2024, section 273.1387, subdivision 2, related to taxation and property. Specifically, it seeks to increase the school building bond agricultural credit.

Key Changes:

  • The school building bond agricultural credit currently covers 70% of the eligible net tax capacity.
  • The bill proposes to increase this credit to 100%, meaning qualifying agricultural properties would receive a full credit on the portion of their property taxes related to school building bonds.
  • This credit would continue to be calculated using the school debt tax rate as determined under section 275.08, subdivision 1b.

Impact:

  • Agricultural property owners would no longer have to pay property taxes associated with school district debt levies.
  • This change would reduce tax burdens for farmers and agricultural landowners while shifting the tax funding mechanism for school building projects.

Bill text versions

Actions

DateChamberWhereTypeNameCommittee Name
February 26, 2025SenateFloorActionIntroduction and first reading
February 26, 2025SenateFloorActionReferred toTaxes

Citations

 
[
  {
    "analysis": {
      "added": [
        "The credit amount increased from 70% to 100%."
      ],
      "removed": [],
      "summary": "This bill increases the school building bond agricultural credit for properties under section 273.1387, subdivision 2.",
      "modified": []
    },
    "citation": "273.1387"
  },
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "This bill references the school debt tax rate determination under section 275.08.",
      "modified": [
        "References the calculation using subdivision 1b."
      ]
    },
    "citation": "275.08"
  }
]

Sponsors