The bill proposes significant changes to the taxation of minerals in Minnesota, particularly concerning property taxes and the allocation of mineral tax revenues. Key amendments include an increase in the maximum tax reduction amount for properties within municipalities from $315.10 to $515, and the introduction of a new subdivision that mandates specific contents for tax statements related to areawide taxes. Additionally, a fiscal disparities adjustment line will be included in tax statements, and the bill outlines the distribution of mineral tax proceeds to municipalities, school districts, and various funds, aiming to enhance tax relief for affected areas.

Moreover, the bill authorizes the issuance of revenue bonds by the commissioner of Iron Range resources and rehabilitation, allowing for up to $49 million in bonds in 2024 for various projects, with recipients required to submit spending plans. It also adjusts the distribution amounts for the Douglas J. Johnson Economic Protection Trust Fund and the Taconite Municipal Aid Account, increasing certain allocations and establishing effective dates for these changes starting in 2024 and 2025. The bill includes a one-time transfer of $300,000 from the taconite economic development fund to the city of Chisholm for the Senator David Tomassoni Bridge of Peace, with provisions for future distributions to ensure the total reaches $300,000. The effective date for these provisions is set for the day following final enactment, with specific applications beginning in 2024.

Statutes affected:
Introduction: 273.135, 275.065, 276.04, 298.28, 298.282, 298.292