Modifies local sales tax revenue use in Minneapolis and redefines the downtown taxing area.

The bill amends the local sales tax revenue use in Minneapolis, modifying the downtown taxing area. It redefines the area to include specific streets and intersections, while excluding certain zones. The bill also mandates the commissioner of management and budget to consult with the finance officer of the city regarding present value dates, discount rates, and schedules of annual amounts. Effective for sales and purchases made after September 30, 2026.

Modifies local sales tax revenue use in Minneapolis and redefines the downtown taxing area.

The bill amends the local sales tax revenue use in Minneapolis, modifying the downtown taxing area. It redefines the area to include specific streets and intersections, while excluding certain zones. The bill also mandates the commissioner of management and budget to consult with the finance officer of the city regarding present value dates, discount rates, and schedules of annual amounts. Effective for sales and purchases made after September 30, 2026.