The bill amends Minnesota Statutes 2022, section 126C.17, by adding a new subdivision that establishes a seasonal tax base replacement aid for school districts. This aid is calculated based on a district's seasonal tax base adjustment factor and its referendum equalization levy. Specifically, the seasonal tax base replacement aid is determined by multiplying one minus the seasonal tax base adjustment factor by the district's referendum equalization levy. The seasonal tax base adjustment factor is defined as the ratio of the district's referendum market value to the sum of the referendum market value and the seasonal market value, with specific limits set for this factor.

Additionally, the bill stipulates that the calculated aid amount will be used to reduce the district's referendum levy, ensuring that the levy does not fall below zero after this adjustment. The new provisions are set to take effect for taxes payable in 2025 and later.

Statutes affected:
Introduction: 126C.17