Exempts materials used in redevelopment projects in St. Cloud from sales and use tax, with a refund limit.

The bill provides a refundable exemption from sales and use tax for materials and supplies used in private redevelopment projects in specific districts in St. Cloud, Minnesota. This exemption applies to certain parcels and adjacent areas, with tax identification numbers listed. The exemption is effective from July 1, 2025, to December 31, 2040, and requires the commissioner of revenue to process refunds. The total amount of refunds is capped at $13,000,000 from the general fund. The tax must be imposed as if the applicable rate under Minnesota Statutes, section 297A.62, applied.

Exempts materials used in redevelopment projects in St. Cloud from sales and use tax, with a refund limit.

The bill provides a refundable exemption from sales and use tax for materials and supplies used in private redevelopment projects in specific districts in St. Cloud, Minnesota. This exemption applies to certain parcels and adjacent areas, with tax identification numbers listed. The exemption is effective from July 1, 2025, to December 31, 2040, and requires the commissioner of revenue to process refunds. The total amount of refunds is capped at $13,000,000 from the general fund. The tax must be imposed as if the applicable rate under Minnesota Statutes, section 297A.62, applied.