HF 4087

as introduced - 92nd Legislature (2021 - 2022) Posted on 03/07/2022 03:02pm

A bill for an act
relating to taxation; income; requiring the commissioner of revenue to distribute
budget surplus payments to Minnesota residents.

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

Section 1. new text begin BUDGET SURPLUS PAYMENTS TO TAX FILERS.
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new text begin (a) For the purposes of this section, "February forecast" means the forecast delivered to
the legislature and governor by the end of February under Minnesota Statutes, section
16A.103, subdivision 1.
new text end

new text begin (b) No later than June 1, 2022, the commissioner of revenue must certify to the
commissioner of management and budget:
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new text begin (1) the number of individual income tax returns filed by Minnesota residents for taxable
years beginning after December 31, 2020, and before January 1, 2022; and
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new text begin (2) the average payment amount that could be made to each individual income taxpayer
if the full amount of the general fund surplus reported in the 2022 February forecast was
distributed equally among all Minnesota residents filing returns.
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new text begin (c) In determining the average payment amount under paragraph (b), clause (2), the
commissioner of revenue must consider each married taxpayer filing a joint return as two
individuals, and all other individual income tax returns as one individual.
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new text begin (d) To the extent feasible, the commissioner of revenue must make a payment to each
Minnesota resident who filed an individual income tax return for taxable years beginning
after December 31, 2020, and before January 1, 2022. The amount of the payment must
equal the lesser of: the individual's income tax liability under Minnesota Statutes, chapter
290, for an individual income tax return filed for taxable years beginning after December
31, 2020, and before January 1, 2022; or the average payment amount determined under
paragraph (b), clause (2). The commissioner must establish a process for distributing
payments and begin distributing payments no later than June 15, 2022.
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new text begin EFFECTIVE DATE. new text end

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