HF 244

as introduced - 81st Legislature (1999 - 2000) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to state finance; changing the allocation of 
  1.3             certain additional revenues; amending Laws 1998, 
  1.4             chapter 389, article 9, section 2, as amended. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  Laws 1998, chapter 389, article 9, section 2, 
  1.7   as amended by Laws 1998, chapter 408, section 22, is amended to 
  1.8   read: 
  1.9      Sec. 2.  [EXCESS REVENUE; TO REDUCE BORROWING.] 
  1.10     Subdivision 1.  [TAX REFORM AND REDUCTION ACCOUNT.] A tax 
  1.11  reform and reduction account is established in the general fund. 
  1.12  Amounts in the account are available only to provide tax reform 
  1.13  and reduction, as enacted by law.  The governor shall make 
  1.14  recommendations to the legislature regarding uses of the money 
  1.15  in the account to reduce taxes and to reform the Minnesota tax 
  1.16  system. 
  1.17     Subd. 2.  [PRIORITIES.] If on the basis of a forecast of 
  1.18  general fund revenues and expenditures after November 1 in 1998, 
  1.19  the commissioner of finance determines that there will be a 
  1.20  positive unrestricted budgetary general fund balance at the 
  1.21  close of the biennium, the commissioner of finance must allocate 
  1.22  money as follows: 
  1.23     (1) first, to the budget reserve until the total amount in 
  1.24  that account equals $622,000,000; then 
  1.25     (2) second, to the tax reduction and reform account until 
  2.1   the amount allocated equals $200,000,000; and 
  2.2      (3) third, to reduce the need to borrow money to finance 
  2.3   state building projects as provided in subdivision 3 until the 
  2.4   amount allocated equals $400,000,000. 
  2.5      Subd. 3.  [CANCELLATION OF BOND APPROPRIATIONS AND 
  2.6   AUTHORIZATIONS.] The commissioner of finance shall reduce 
  2.7   appropriations from the bond proceeds fund and the state 
  2.8   transportation fund in 1998 H.F. No. 3843, if enacted, for which 
  2.9   bonds have not yet been sold as authorized by that law, by the 
  2.10  amount of general fund revenue made available for this purpose 
  2.11  under subdivision 2, and the amount reduced is appropriated from 
  2.12  the general fund for the same purposes as the appropriations 
  2.13  reduced.  The commissioner of finance shall reduce the bond sale 
  2.14  authorizations in 1998 H.F. No. 3843 accordingly. 
  2.15     Sec. 2.  [EFFECTIVE DATE.] 
  2.16     Section 1 is effective the day following final enactment.