HF 1260

as introduced - 91st Legislature (2019 - 2020) Posted on 02/14/2019 03:16pm

A bill for an act
relating to campaign finance; requiring that certain political contributions and
independent expenditures be made from funds subject to the individual income
tax; amending Minnesota Statutes 2018, section 10A.27, by adding a subdivision;
proposing coding for new law in Minnesota Statutes, chapter 211B.

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

Section 1.

Minnesota Statutes 2018, section 10A.27, is amended by adding a subdivision
to read:

new text begin Subd. 14a. new text end

new text begin No pretax contributions. new text end

new text begin Political contributions and independent expenditures
of funds derived from revenues of a corporation or limited liability company may be made,
whether directly or indirectly, only from funds that have been reported, or are required to
be reported, as income on individual income tax returns, such as corporate dividends, salaries,
wages, commissions, bonuses, and capital gains. This subdivision applies to contributions
and independent expenditures for all state and local races.
new text end

Sec. 2.

new text begin [211B.151] PROHIBITION ON PRETAX CONTRIBUTIONS.
new text end

new text begin Political contributions and independent expenditures of funds derived from revenues of
a corporation or limited liability company may be made, whether directly or indirectly, only
from funds that have been reported, or are required to be reported, as income on individual
income tax returns, such as corporate dividends, salaries, wages, commissions, bonuses,
and capital gains. This subdivision applies to contributions and independent expenditures
for all state and local races.
new text end