HF 716

as introduced - 86th Legislature (2009 - 2010) Posted on 02/09/2010 01:41am

A bill for an act
relating to taxation; providing a tax on interest rates over 15 percent; proposing
coding for new law in Minnesota Statutes, chapter 290.

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

Section 1.

new text begin [290.094] INTEREST RATE TAX.
new text end

new text begin Any person conducting a trade or business in this state and subject to tax under this
chapter who engages in the business of making loans of money, credit, or goods and who
charges interest on the loans shall be subject to a tax of 30 percent of the interest earned
in excess of 15 percent of the principal balance, in addition to the tax liability imposed
by this chapter.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for taxable years beginning after
December 31, 2008.
new text end