as introduced - 88th Legislature (2013 - 2014) Posted on 02/18/2013 02:06pm
A bill for an act
relating to taxation; repealing the sales tax exemption for clothing; adjusting the
sales tax rate; creating an income tax credit; amending Minnesota Statutes 2012,
section 297A.62, subdivision 1; proposing coding for new law in Minnesota
Statutes, chapter 290; repealing Minnesota Statutes 2012, section 297A.67,
subdivision 8.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
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(a) For purposes of this section, the following terms
have the meanings given.
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(b) "Income" has the meaning given in section 290.067, subdivision 2a.
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(c) "Dependent" has the meaning given in section 152 of the Internal Revenue Code.
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A taxpayer is allowed a refundable credit against the tax
imposed under this chapter. The credit is equal to $....... for a married couple filing a joint
return, and $....... for all filers, plus $....... for the first dependent claimed on the return,
$....... for each of the second and third dependents claimed on the return, $....... for the
fourth dependent claimed on the return, and $....... for each subsequent dependent.
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The credit allowed in this section is reduced by $....... for
every $....... of income in excess of ....... percent of the federal poverty guidelines.
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An amount sufficient to pay the refunds required by this
section is appropriated to the commissioner from the general fund.
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This section is effective for taxable years beginning after
December 31, 2012.
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Minnesota Statutes 2012, section 297A.62, subdivision 1, is amended to read:
Except as otherwise provided in subdivision 3 or in this
chapter, a sales tax of deleted text begin 6.5deleted text end new text begin .......new text end percent is imposed on the gross receipts from retail sales as
defined in section 297A.61, subdivision 4, made in this state or to a destination in this
state by a person who is required to have or voluntarily obtains a permit under section
297A.83, subdivision 1.
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This section is effective for taxable years beginning after
December 31, 2012.
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Minnesota Statutes 2012, section 297A.67, subdivision 8,
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is repealed.
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This section is effective for taxable years beginning after
December 31, 2012.
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