The bill proposes significant changes to Minnesota's tax-related provisions, particularly focusing on property taxes, local government aids, and mineral taxes. It introduces new property tax exemptions for properties owned by federally recognized Indian Tribes, specifically targeting certain classifications and designated areas. Additionally, the bill modifies local government aid calculations, facilitates revenue bond issuance, and provides special tax increment financing authority. Key insertions include the establishment of new subdivisions in Minnesota Statutes that define criteria for property tax exemptions for Indian Tribes and the definition of a "land bank organization." The bill also sets effective dates for many provisions, with changes beginning in assessment year 2025 or the day following final enactment.

Moreover, the bill allocates funding for various infrastructure and development projects across multiple cities, including significant amounts for Buhl, Mountain Iron, Silver Bay, and educational institutions. It amends tax increment financing (TIF) regulations to enhance redevelopment efforts in cities like Brooklyn Center and St. Paul, allowing for extended timeframes and increased flexibility in funding allocations. The bill also modifies lodging tax regulations, permitting cities to impose a tax of up to 3% on lodging services. Additionally, it outlines the establishment and taxation within land-value taxation districts, particularly in Minneapolis, and appropriates funds for planning and development costs in South St. Paul. Overall, the bill aims to enhance local economic development and infrastructure improvements throughout Minnesota.

Statutes affected:
Introduction: 273.135
1st Division Engrossment: 272.02, 273.13, 469.1812, 469.1813, 477A.013, 477A.03, 273.135, 275.065, 276.04, 298.28, 298.282, 298.292, 469.190