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HF 2382

as introduced - 87th Legislature (2011 - 2012) Posted on 02/20/2012 01:11pm

KEY: stricken = removed, old language.
underscored = added, new language.
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Current Version - as introduced

Line numbers 1.1 1.2 1.3 1.4
1.5 1.6 1.7 1.8 1.9 1.10 1.11 1.12 1.13 1.14 1.15 1.16 1.17 1.18 1.19 1.20 1.21 1.22 1.23 1.24 1.25 1.26 2.1 2.2 2.3 2.4
2.5

A bill for an act
 relating to taxation; phasing out the combined receipts tax; amending Minnesota
Statutes 2010, section 297E.02, subdivision 6.

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

Section 1.

Minnesota Statutes 2010, section 297E.02, subdivision 6, is amended to read:


Subd. 6.

Combined receipts tax.

new text begin (a) new text end In addition to the taxes imposed under
subdivisions 1 and 4, a tax is imposed on the combined receipts of the organization. As
used in this section, "combined receipts" is the sum of the organization's gross receipts
from lawful gambling less gross receipts directly derived from the conduct of bingo,
raffles, and paddle wheels, as defined in section 297E.01, subdivision 8, for the fiscal year.
The combined receipts of an organization are subject to a tax computed according to
the following schedule:

If the combined receipts
for the fiscal year are:
 The tax is:
Not over $500,000
 zero
Over $500,000,
but not over $700,000
 1.7 percent of the amount over
$500,000, but not over $700,000
Over $700,000,
but not over $900,000
 $3,400 plus 3.4 percent of the amount
over $700,000, but not over $900,000
Over $900,000
 $10,200 plus 5.1 percent of the
amount over $900,000

new text begin (b) For fiscal years beginning after December 31, 2011, each of the rates in paragraph
(a) is reduced by the following percentage points until each of them is reduced to zero:
 new text end

new text begin (1) the 1.7 percent rate by 0.3 percentage points each year;
 new text end

new text begin (2) the 3.4 percent rate by 0.6 percentage points each year; and
 new text end

new text begin (3) the 5.1 percent rate by 0.9 percentage points each year.
 new text end

new text begin (c) The tax under this subdivision no longer applies, effective for fiscal years
beginning after June 30, 2017.
 new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
 new text end