Public Finance Technical Bills Advance
House and Senate tax committees considered updates to modernize and streamline public finance laws.
During the week of March 31, both the Senate Taxes Committee and the House Taxes Committee heard what is known as the 2024 public finance bill.
SF 2880, sponsored by Senate Taxes Committee Chair Sen. Ann Rest (DFL-New Hope), and HF 2730, sponsored by House Taxes Committee Co-chair Rep. Aisha Gomez (DFL-Minneapolis), are supported by the Minnesota Institute of Public Finance and aim to streamline and modernize laws related to financing public buildings.
The bills would:
- Shorten and align the required timing of several public notices.
- Add courthouse or justice center construction to the list of debt obligations eligible for state guarantees.
- Clarify which obligations qualify for state guarantees.
- Clarify which obligations fall under the Minnesota Bond Allocation Act.
- Make other technical adjustments to current public finance statutes.
Both bills were laid over for possible inclusion their respective committees’ omnibus tax bills.
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