Minnesota HF2574 allows tax increment financing to convert vacant or underused commercial or industrial buildings to residential purposes.

Minnesota HF2574 modifies the calculation of tax increment financing and findings required for districts converting vacant or underused property. It authorizes the use of tax increment financing to convert vacant or underused commercial or industrial buildings to residential purposes. The bill specifies how the original net tax capacity of a property is redetermined when its use changes or when it becomes tax exempt.

Minnesota HF2574 allows tax increment financing to convert vacant or underused commercial or industrial buildings to residential purposes.

Minnesota HF2574 modifies the calculation of tax increment financing and findings required for districts converting vacant or underused property. It authorizes the use of tax increment financing to convert vacant or underused commercial or industrial buildings to residential purposes. The bill specifies how the original net tax capacity of a property is redetermined when its use changes or when it becomes tax exempt.