School district levy amounts made eligible for school building bond agricultural credit.

A bill for an act

relating to taxation; making certain school district lease levy amounts eligible for

the school building bond agricultural credit; amending Minnesota Statutes 2024,

section 275.07, subdivision 2.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2024, section 275.07, subdivision 2, is amended to read:

Subd. 2.

School district levies; special requirements.

(a) In school districts lying in

more than one county, the clerk shall certify the tax levied to the auditor of the county in

which the administrative offices of the school district are located.

(b) The district must identify the portion of the school district levy that is levied for debt

service at the time the levy is certified under this section.
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For the purposes of this paragraph,

"levied for debt service" means
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The portion equals: (1) the
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levies authorized under sections

123B.53
,
123B.535
, and
123B.55
, as adjusted by sections
126C.46
and
126C.48
, net of any

debt excess levy reductions under section
475.61, subdivision 4
, excluding debt service

amounts necessary for repayment of other postemployment benefits under section
475.52,

subdivision 6
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; and (2) the levy authorized under section 126C.40 that is assessed and certified

by a cooperative unit to the district as the district's proportionate share attributable to debt

issued by the cooperative unit
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.

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EFFECTIVE DATE.

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This section is effective beginning with taxes payable in 2027

and thereafter.

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