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HF 408

as introduced - 90th Legislature (2017 - 2018) Posted on 01/23/2017 01:41pm

KEY: stricken = removed, old language.
underscored = added, new language.

Current Version - as introduced

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A bill for an act
relating to taxation; minerals; modifying certain provisions regarding expenditures
from the Iron Range school consolidation and cooperatively operated school
account; amending Minnesota Statutes 2016, section 298.28, subdivision 7a.

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

Section 1.

Minnesota Statutes 2016, section 298.28, subdivision 7a, is amended to read:


Subd. 7a.

Iron Range school consolidation and cooperatively operated school account.

(a) The following amounts must be allocated to the Iron Range Resources and Rehabilitation
Board to be deposited in the Iron Range school consolidation and cooperatively operated
school account that is hereby created:

(1)(i) for distributions in 2015 through 2023, ten cents per taxable ton of the tax imposed
under section 298.24; and

(ii) for distributions beginning in 2024, five cents per taxable ton of the tax imposed
under section 298.24;

(2) the amount as determined under section 298.17, paragraph (b), clause (3);

(3)(i) for distributions in 2015, an amount equal to two-thirds of the increased tax
proceeds attributable to the increase in the implicit price deflator as provided in section
298.24, subdivision 1, with the remaining one-third to be distributed to the Douglas J.
Johnson economic protection trust fund;

(ii) for distributions in 2016, an amount equal to two-thirds of the sum of the increased
tax proceeds attributable to the increase in the implicit price deflator as provided in section
298.24, subdivision 1, for distribution years 2015 and 2016, with the remaining one-third
to be distributed to the Douglas J. Johnson economic protection trust fund; and

(iii) for distributions in 2017, an amount equal to two-thirds of the sum of the increased
tax proceeds attributable to the increase in the implicit price deflator as provided in section
298.24, subdivision 1, for distribution years 2015, 2016, and 2017, with the remaining
one-third to be distributed to the Douglas J. Johnson economic protection trust fund; and

(4) any other amount as provided by law.

(b) Expenditures from this account new text begin may be approved as ongoing annual expenditures
and
new text end shall be made only to provide disbursements to assist school districts with the payment
of bonds that were issued for qualified school projects, or for any other school disbursement
as approved by thenew text begin commissioner of Iron Range resources and rehabilitation, after the
commissioner has sought review of the expenditures by the
new text end Iron Range Resources and
Rehabilitation Board. For purposes of this section, "qualified school projects" means school
projects within the taconite assistance area as defined in section 273.1341, that were (1)
approved, by referendum, after April 3, 2006; and (2) approved by the commissioner of
education pursuant to section 123B.71.

(c) Beginning in fiscal year 2019, the disbursement to school districts for payments for
bonds issued under section 123A.482, subdivision 9, must be increased each year to offset
any reduction in debt service equalization aid that the school district qualifies for in that
year, under section 123B.53, subdivision 6, compared with the amount the school district
qualified for in fiscal year 2018.

(d) No expenditure under this section shall be made unless approved by deleted text begin seven members
of
deleted text end new text begin the commissioner of Iron Range resources and rehabilitation after seeking review of the
expenditure from
new text end the Iron Range Resources and Rehabilitation Board.