HF3420

Purpose

• The bill aims to extend the expiration date of the Hennepin County and Ramsey County deed and mortgage taxes. It would modify the state statutes to reflect a longer period during which these taxes can be imposed.

Main Provisions

• Amends Minnesota Statutes 2024 sections 383A.80, subdivision 4, and 383B.80, subdivision 4.
• Section 1 establishes or updates the expiration language for the authority to impose the deed and mortgage taxes in the two counties (the text notes that the authority to impose the tax “expires” on a specific date).
• Section 2 appears to set a new timeline related to the expiration, with dates listed as 2028 and 2036, indicating a planned extension of the tax authority’s duration and/or a beginning/transition date tied to those years.

What Changes Compared to Current Law

• The bill changes when the counties’ authority to impose the deed tax and mortgage tax expires, extending the period during which these taxes can be collected in Hennepin County and Ramsey County.
• It updates the specific statutory references (383A.80, subdivision 4 and 383B.80, subdivision 4) to reflect the new expiration framework.

Potential Impact

• Taxpayers in the affected counties could see continued collection of deed and mortgage taxes for a longer period.
• The changes may influence county financing or revenue planning tied to real estate transactions.

Implementation Details

• The exact expiration year in Section 1 is not explicitly provided in the excerpt, but Section 2 references dates 2028 and 2036, suggesting a structured timetable for the extended expiration.

Considerations

• The bill focuses specifically on Hennepin County and Ramsey County and does not alter deed or mortgage taxes in other counties.
• It is a tax-related change, so it could affect real estate closing costs and county revenue.

Relevant Terms - Hennepin County - Ramsey County - deed tax - mortgage tax - expiration - Minnesota Statutes 2024 - 383A.80 subdivision 4 - 383B.80 subdivision 4 - authority to impose - Sec. 2 - 2028 - 2036