SF3589

Purpose

• Extend the expiration date for the authority to impose Hennepin County deed taxes and Ramsey County deed taxes, as well as the related mortgage taxes in those counties.

Main provisions

• The bill amends Minnesota Statutes 2024, sections 383A.80 subd. 4 and 383B.80 subd. 4, to change the expiration language for the tax authority.
• It specifies that the authority to impose these taxes expires on a future date (the exact year is not fully clear in the provided excerpt, but the text indicates a later expiration year).
• The section labeled Sec. 2 includes references to the years 2028 and 2036, which appear to relate to the dates tied to the extension or its effective period.

Significant changes to existing law

• Extends the period during which Hennepin County deed taxes, Ramsey County deed taxes, and their corresponding mortgage taxes can be imposed.
• Maintains that the taxes are still local taxes tied to property transfers and mortgages in the two counties.
• The specific new expiration date is set or referenced in the bill, replacing the previous expiration date.

What this means in plain terms

• If passed, these counties would be allowed to continue collecting deed and mortgage taxes for a longer period, providing ongoing revenue tied to property transactions in those counties. There is no mention in the excerpt of changing tax rates or how the revenue is used.

Relevant Terms - Hennepin County - Ramsey County - deed tax - mortgage tax - expiration - authority to impose the tax - Minnesota Statutes 2024 - sections 383A.80 subd. 4 and 383B.80 subd. 4 - Subd. 4 - January 1 (year) - 2028 - 2036 - taxation - local government revenue - real estate transfer tax (synonym)