It's Tax Time

Hang on to your wallets Minnesota. Rep. Ann Lenczewski's (DFL Bloomington) Omnibus Tax bill has been unveiled. Some of the key components of the bill are:

• a new Homestead Credit State Refund that restructures three existing property tax refund programs and divvies out the refunds based on ability to pay;
• increased local government aid to cities, counties and townships;
• some development projects in tax increment financing districts would be subject to a corporate franchise tax;
• preventing new businesses from entering the JOBZ program and creating new penalties for breaching the requirements of the program;
• a new border city business investment credit;
• increasing taxes on machinery at utility companies;
• changes to the Green Acres program;
• subjecting Minneapolis-St. Paul International Airport and Holman Field in St. Paul to state property taxes;
• a property tax credit for cabins leased on government-owned land;
• changes to the “rural vacant land” classification;
• increasing the eligibility for a senior property tax deferral program;
• exempting Central Corridor rail line construction materials from sales tax;
• a moratorium on local sales tax referendums for three-and-a-half years;
• increasing collection on June accelerated sales taxes for alcohol and tobacco; and
• imposing a mortgage and deed tax to create or renew an environmental response fund for Anoka, Dakota, St. Louis, Hennepin and Ramsey counties.

HF 3149 is the number and I'll be reading it here shortly and I will be following the bill as it heads to the floor for debate.