1.1                          A bill for an act 
  1.2             relating to property tax credits; making cuts to the 
  1.3             market value homestead credit permanent; amending 
  1.4             Minnesota Statutes 2003 Supplement, section 273.1384, 
  1.5             subdivision 4. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 2003 Supplement, section 
  1.8   273.1384, subdivision 4, is amended to read: 
  1.9      Subd. 4.  [PAYMENT.] (a) The commissioner of revenue shall 
  1.10  reimburse each local taxing jurisdiction, other than school 
  1.11  districts, for the tax reductions granted under this section in 
  1.12  two equal installments on October 31 and December 26 of the 
  1.13  taxes payable year for which the reductions are granted, 
  1.14  including in each payment the prior year adjustments certified 
  1.15  on the abstracts for that taxes payable year.  The 
  1.16  reimbursements related to tax increments shall be issued in one 
  1.17  installment each year on December 26. 
  1.18     (b) The commissioner of revenue shall certify the total of 
  1.19  the tax reductions granted under this section for each taxes 
  1.20  payable year within each school district to the commissioner of 
  1.21  the Department of Education and the commissioner of education 
  1.22  shall pay the reimbursement amounts to each school district as 
  1.23  provided in section 273.1392. 
  1.24     (c) For cities only, the amount of reimbursement to a city 
  1.25  under paragraph (a) shall be reduced each year by an amount 
  2.1   equal to the amount that its payment under this section was 
  2.2   reduced in calendar year 2003 under Laws 2003, First Special 
  2.3   Session chapter 21, article 5, section 12. 
  2.4   No city's reimbursement may be less than zero. 
  2.5      <b>[EFFECTIVE DATE.]</b> This section is effective for credits 
  2.6   payable in 2005 and thereafter.