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Office of the Revisor of Statutes

HF 2731

as introduced - 82nd Legislature (2001 - 2002) Posted on 12/15/2009 12:00am

KEY: stricken = removed, old language.
underscored = added, new language.
Version List Authors and Status
Rtf 
  1.1                          A bill for an act 
  1.2             relating to higher education; Minnesota college 
  1.3             savings plan; making a technical correction; amending 
  1.4             Minnesota Statutes 2001 Supplement, section 136G.03, 
  1.5             subdivision 25. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 2001 Supplement, section 
  1.8   136G.03, subdivision 25, is amended to read: 
  1.9      Subd. 25.  [PENALTY.] "Penalty" means the amount 
  1.10  established by the office that is applied against the earnings 
  1.11  portion of a nonqualified distribution.  The amount established 
  1.12  by the office must be the minimum required to be a more than de 
  1.13  minimis penalty under section 529 of the Internal Revenue Code.  
  1.14  The office must impose, collect, and apply penalties consistent 
  1.15  with section 529 of the Internal Revenue Code.