This bill proposes a refundable sales and use tax exemption for construction materials and supplies used in the development of a regional exhibition center at Graham Park in Olmsted County. Specifically, it stipulates that materials and equipment purchased for the construction, reconstruction, upgrade, expansion, renovation, or remodeling of the center will be exempt from sales and use tax if acquired between December 31, 2024, and January 1, 2028. The tax will be collected as if the standard rate applied, but will then be refunded in accordance with existing provisions for similar projects.

Additionally, the bill includes an appropriation from the general fund to the commissioner of revenue to cover the refunds associated with this exemption. The effective date of this exemption is retroactive for sales and purchases made within the specified timeframe. This legislation aims to support the development of the exhibition center by alleviating some of the financial burdens associated with construction costs.