1.1                          A bill for an act 
  1.2             relating to taxation; increasing the agricultural 
  1.3             homestead market value credit; amending Minnesota 
  1.4             Statutes 2001 Supplement, section 273.1384, 
  1.5             subdivision 2. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 2001 Supplement, section 
  1.8   273.1384, subdivision 2, is amended to read: 
  1.9      Subd. 2.  [AGRICULTURAL HOMESTEAD MARKET VALUE CREDIT.] 
  1.10  Property classified as class 2a agricultural homestead is 
  1.11  eligible for an agricultural credit.  The credit is equal to 0.2 
  1.12  0.4 percent of the first $115,000 of the property's market value.
  1.13  The credit under this subdivision is limited to $230 for each 
  1.14  homestead. 
  1.15     <b>[EFFECTIVE DATE.]</b> This section is effective for taxes 
  1.16  payable in 2003 and thereafter.