SF3017

Purpose of the Bill

The purpose of this bill is to extend the duration of the local sales and use tax in Hermantown, Minnesota. This extension allows the city to continue collecting tax to fund various projects and improvements outlined in the original legislation.

Main Provisions

• Extension of Tax Duration: The bill extends the termination date of the Hermantown local sales and use tax to December 31, 2046, from the previous date of December 31, 2036.
• Condition for Termination: The tax can also terminate earlier if the Hermantown City Council determines that enough funds have been collected to cover the costs of the projects, including associated bonds.

Significant Changes to Existing Law

• This legislation amends the previous statute to allow an additional ten years for collecting the local sales and use tax, thereby enabling the city to gather more funds for its specified projects.
• Prior conditions for termination remain unchanged, where the tax may cease once the required funds have been raised.

Relevant Terms - Local sales and use tax - Hermantown - Tax extension - Termination date - City Council - Bonds