Modifies requirements for return of excess tax increments in Minnesota.

This bill amends Minnesota Statutes to modify the requirements for the return of excess tax increments. It specifies that authorities must annually determine the amount of excess increments for a district and return them to the county auditor. If there are excess increments, the authority must either prepay outstanding bonds, discharge the pledge of tax increment for any outstanding bonds, or pay into an escrow account dedicated to the payment of any outstanding bonds.

Modifies requirements for return of excess tax increments in Minnesota.

This bill amends Minnesota Statutes to modify the requirements for the return of excess tax increments. It specifies that authorities must annually determine the amount of excess increments for a district and return them to the county auditor. If there are excess increments, the authority must either prepay outstanding bonds, discharge the pledge of tax increment for any outstanding bonds, or pay into an escrow account dedicated to the payment of any outstanding bonds.