Minnesota HF506 modifies tax provisions for electric cooperatives, effective from assessment year 2026.

Minnesota HF506 amends tax laws for electric cooperatives, effective for assessment year 2026. It imposes a tax of $10 for each 100 members of a cooperative association, payable by December 31 each year, in lieu of personal property taxes on distribution lines. The tax excludes power distribution lines and their attachments primarily used for supplying electricity to farmers at retail. The bill also modifies the distribution of tax assessments and includes a penalty for late payment.

Minnesota HF506 modifies tax provisions for electric cooperatives, effective from assessment year 2026.

Minnesota HF506 amends tax laws for electric cooperatives, effective for assessment year 2026. It imposes a tax of $10 for each 100 members of a cooperative association, payable by December 31 each year, in lieu of personal property taxes on distribution lines. The tax excludes power distribution lines and their attachments primarily used for supplying electricity to farmers at retail. The bill also modifies the distribution of tax assessments and includes a penalty for late payment.