Minnesota HF3994 modifies the requirements for the return of excess tax increments.

Minnesota HF3994 amends the requirements for the return of excess tax increments. The bill specifies that authorities must determine the amount of excess increments annually. If excess increments exist, the authority must either return them to the county auditor or decertify the district. The requirement to decertify can be deferred if a modification of the tax increment financing plan is approved within nine months. The bill also outlines the conditions under which the deferral expires and the distribution of returned increments to local entities.

Minnesota HF3994 modifies the requirements for the return of excess tax increments.

Minnesota HF3994 amends the requirements for the return of excess tax increments. The bill specifies that authorities must determine the amount of excess increments annually. If excess increments exist, the authority must either return them to the county auditor or decertify the district. The requirement to decertify can be deferred if a modification of the tax increment financing plan is approved within nine months. The bill also outlines the conditions under which the deferral expires and the distribution of returned increments to local entities.