Legislative Session number- 86

Bill Name: HF2695

HF 2695

THIRD ENGROSSMENT

Sec. 1: Subd. 8: Small Business Investment Tax
Credit language provided.

Sec. 2: Small Business Investment Tax Credit
language provided.
Subd. 1: Definitions provided.
Subd. 2: Certification of
qualified small businesses language provided.
Subd. 3: Certification of
qualified investors language provided.
Subd. 4: Certification of qualified
funds language provided.
Subd. 5: Credit allowance language provided.
Subd. 6:
Annual reports language provided.
Subd. 7: Revocation of credits language
provided.
Subd. 8: Data privacy language provided.
Subd. 9: Report to
legislature language provided.
Subd. 10: Program evaluation language
provided.
Subd. 11: Appropriations language provided.
Subd. 12: Sunset
language provided.

Sec. 3: Definitions provided.
Subd. 1: Scope
defined.
Subd. 2: City defined.
Subd. 3: Local government defined.
Subd. 4:
Energy audit defined.
Subd. 5: Energy improvement defined.
Subd. 6: Qualifying
real property defined.
Subd. 7: Renewable energy defined.
Subd. 8: Renewable
energy system feasibility study defined.
Subd. 9: Solar thermal defined.
Subd.
10: Solar photovoltaic defined.

Sec. 4: Voluntary Energy Improvement
Financing Program for Local Governments language provided.
Subd. 1: Program
authority language provided.
Subd. 2: Program requirements language
provided.
Subd. 3: Retail and end use prohibition language provided.
Subd. 4:
Financing terms language provided.
Subd. 5: Coordination with other programs
language provided.
Subd. 6: Certificate of participation language
provided.
Subd. 7: Repayment language provided.
Subd. 8: Bond issuance;
repayment language provided.

Sec. 5: Subd. 42: Property leased to schools
language provided.

Sec. 6: Subd. 86: Apprenticeship training facilities
language provided.

Sec. 7: Subd. 7: Internal Revenue Code language
modified.

Sec. 8: Subd. 19: Net income language modified.

Sec. 9: Subd.
31: Internal Revenue Code language modified.

Sec. 10: Credit for Increasing
Research Activities language modified.
Subd. 1: Credit allowance
modified.
Subd. 2: Definitions provided.
Subd. 3: Limitation; carryover
language modified.
Subd. 4: Partnerships and S corporations language
modified.
Subd. 5: Adjustments; acquisitions and dispositions language
modified.
Subd. 6: Credit refund language provided.
Subd. 7: Appropriation
language provided.

Sec. 11: Credit for Historic Structure Rehabilitation
language provided.
Subd. 1: Definitions provided.
Subd. 2: Credit or grant
allowed; certified historic structure language provided.
Subd. 3: Applications;
allocations language provided.
Subd. 4: Credit certificates language
provided.
Subd. 5: Partnerships; multiple owners language provided.
Subd. 6:
Credit refund language provided.
Subd. 7: Appropriations language
provided.
Subd. 8: Manner of claiming language provided.
Subd. 9: Report;
determination of economic impact language provided.
Subd. 10: Sunset language
provided.

Sec. 12: Small Business Investment Credit language provided.
Subd.
1: Definitions provided.
Subd. 2: Credit allowance language provided.
Subd. 3:
Proportional credits language provided.
Subd. 4: Credit refund language
provided.
Subd. 5: Audit powers language provided.

Sec. 13: Subd. 11:
Carryback or carryover adjustments language modified.

Sec. 14: Subd. 15:
Internal Revenue Code language modified.

Sec. 15: Subd. 1: Scope language
modified.

Sec. 16: Subd. 3: Motor vehicle lease sales tax revenue language
modified.

Sec. 17: Subd. 3: Historic structure rehabilitation credit language
provided.

Sec. 18: Taconite Economic Development Fund language
modified.

Sec. 19: Subd. 4: School districts language modified.

Sec. 20:
Investment of fund language modified.

Sec. 21: Subd. 1: Improvements
authorization language modified.

Sec. 22: Subd. 1: Ordinances language
modified.

Sec. 23: Subd. 15: Transportation infrastructure loans language
provided.

Sec. 24: Project language modified.

Sec. 25: Qualified Green
Building and Sustainable Design Projects language provided.
Subd. 1: Project
designation and eligibility language provided.
Subd. 2: Applications language
provided.
Subd. 3: Bond financing use language provided.

Sec. 26: Subd. 10c:
Compact development district language provided.

Sec. 27: Subd. 22: Tourism
facility language modified.

Sec. 28: Subd. 2b: Compact development districts
sunset language provided.

Sec. 29: Subd. 1b: Duration limits; term language
modified.

Sec. 30: Subd. 1i. Compact development districts language
provided.

Sec. 31: Subd. 4c: Economic development districts language
modified.

Sec. 32: Subd. 4m: Temporary authority to stimulate construction
language provided.

Sec. 33: Subd. 6: Job opportunity building zone or zone
language modified.

Sec. 34: Subd. 11: Qualified business language
modified.

Sec. 35: Subd. 14: Motor vehicle assembly facility language
provided.

Sec. 36: Subd. 15: Create automotive recovery zone language
provided.

Sec. 37: Subd. 1: Maximum size of a create automotive recovery zone
language modified.

Sec. 38: Subd. 3: Outside metropolitan area language
modified for a create automotive recovery zone.

Sec. 39 Subd. 5: Duration
limit language modified.

Sec. 40: Subd. 1: Commissioner to designate language
modified.

Sec. 41: Subd. 4: Designation schedule language modified.

Sec.
42: Tax incentives availability in all zones language modified.

Sec. 43:
Create Automotive Recovery Jobs Credit language provided.
Subd. 1: Credit
allowance language provided.
Subd. 2: Refund language provided.
Subd. 3:
Appropriation language provided.
Subd. 4: Manner of claiming credit language
provided.

Sec. 44: Sec. 1: Airport South, Mall of America, and Old Cedar
Avenue Bridge funding language modified.

Sec. 45: Subd. 4: Authority language
modified.

Sec. 46: Subd. 1: Project creation language modified.

Sec. 47:
Subd 3: Application of tax increment law language modified.

Sec. 48: Subd. 1:
Additional taxes authorized; use of proceeds language modified.

Sec. 49:
Subd. 2: Sales tax language stricken.

Sec. 50: Subd. 1: Bond issuance
authority modified.

Sec. 51: Subd. 2: Bond purposes and amounts language
modified.

Sec. 52: Subd. 4: Sale and issuance; bond proceeds language
modified.

Sec. 53: Subd. 2: Iron Range Resources and Rehabilitation; Early
Separation incentive Program Authorization language modified.

Sec. 54: City
of St. Paul; authority to exercise special law authority language
provided.

Sec. 55: Oakdale; tax increment financing district language
provided.
Subd. 1: Duration of district language provided.
Subd. 2: Conditions
for extension language provided.

Sec. 56: City of North Mankato; Tax
increment financing district; project requirements language provided.
Subd. 1:
Addition of parcel to district language provided.
Subd. 2: Five-year rule
language provided.
Subd. 3: Original tax capacity of district language
provided.
Subd. 4: Use of increments language provided.
Subd. 5: Approval and
effect of modification language provided.

Sec. 57: City of Cohasset; use of
tax increments language provided.

Sec. 58: 2010 Distributions language
provided.

Sec. 59: City of East Grand Forks; use of TIF permission language
provided.

Sec. 60: City of St. Paul; tax increment financing district
language provided.

Sec. 61: Use for sports facilities prohibition language
provided.

Sec. 62: Repealer provided.