Minnesota SF585 extends five- and six-year rules for certain tax increment financing districts and removes income restrictions for housing districts.

Minnesota SF585 amends tax increment financing rules by extending the five-year periods for certain districts certified between specific dates. For districts certified after June 30, 2003, and before April 20, 2009, the five-year periods are extended to ten years. For those certified after April 20, 2009, and before June 30, 2012, the periods are extended to eight years. Additionally, the bill removes income restrictions for housing districts, allowing them to qualify if they meet certain criteria regardless of location in a metropolitan county.

Minnesota SF585 extends five- and six-year rules for certain tax increment financing districts and removes income restrictions for housing districts.

Minnesota SF585 amends tax increment financing rules by extending the five-year periods for certain districts certified between specific dates. For districts certified after June 30, 2003, and before April 20, 2009, the five-year periods are extended to ten years. For those certified after April 20, 2009, and before June 30, 2012, the periods are extended to eight years. Additionally, the bill removes income restrictions for housing districts, allowing them to qualify if they meet certain criteria regardless of location in a metropolitan county.