as introduced - 92nd Legislature (2021 - 2022) Posted on 02/10/2022 03:49pm
A bill for an act
relating to taxation; individual income; allowing gasoline dealers a refundable
credit for sales of gasoline blended with ethanol; proposing coding for new law
in Minnesota Statutes, chapter 290.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
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For the purposes of this section, the following terms have
the meanings given:
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(1) "dealer" has the meaning given in section 296A.01, subdivision 13; and
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(2) "higher ethanol blend" means gasoline blended with ethanol as defined in section
239.761, subdivision 4, that contains at least 15 percent ethanol but no more than 85 percent
ethanol.
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A dealer that is subject to the tax imposed under section 290.03
is allowed a credit against the tax imposed under this chapter equal to five cents per gallon
of higher ethanol blend the dealer sells and dispenses through metered pumps at the dealer's
retail service station in a taxable year.
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Credits granted to a partnership, a limited liability
company taxed as a partnership, or S corporation are passed through to the partners, members,
shareholders, or owners, respectively, pro rata to each partner, member, shareholder, or
owner based on their share of the entity's assets or as specially allocated in their
organizational documents or any other executed agreement as of the last day of the taxable
year.
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If the amount of credit that a claimant is eligible to receive
under this section exceeds the claimant's tax liability under this chapter, the commissioner
shall refund the excess to the claimant.
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An amount sufficient to pay the refunds required under this
section is appropriated from the general fund to the commissioner of revenue.
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This section expires for taxable years beginning after December 31,
2024.
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This section is effective for taxable years beginning after December
31, 2020.
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