as introduced - 93rd Legislature (2023 - 2024) Posted on 02/15/2023 09:11am
A bill for an act
relating to taxation; property; modifying exemptions of property owned by certain
limited liability companies; amending Minnesota Statutes 2022, section 272.02,
subdivision 35.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Minnesota Statutes 2022, section 272.02, subdivision 35, is amended to read:
new text begin (a) new text end For
purposes of the exemptions granted by subdivisions 1 to 33new text begin and 42, paragraph (b)new text end , property
owned or operated by a limited liability company consisting of a sole member shall be
treated as if owned or operated by that member.
new text begin
(b) For assessment year 2023 only, an exemption application under subdivision 42,
paragraph (b), for property owned or operated by a limited liability company consisting of
a sole member must be filed with the county assessor by July 1, 2023.
new text end
new text begin
This section is effective beginning with taxes payable in 2024
and thereafter.
new text end