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HF 1055

1st Engrossment - 88th Legislature (2013 - 2014) Posted on 03/14/2013 04:34pm

KEY: stricken = removed, old language.
underscored = added, new language.

Bill Text Versions

Engrossments
Introduction Posted on 02/28/2013
1st Engrossment Posted on 03/14/2013

Current Version - 1st Engrossment

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A bill for an act
relating to taxation; providing for deposit of certain mortgage registry and deed
taxes in the housing development fund; amending Minnesota Statutes 2012,
sections 287.12; 287.29, subdivision 1.

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

Section 1.

Minnesota Statutes 2012, section 287.12, is amended to read:


287.12 TAXES, HOW APPORTIONED.

(a) All taxes paid to the county treasurer under the provisions of sections 287.01
to 287.12 must be apportioned, 97 percent to the general fund of the state, and three
percent to the county revenue fund.

(b) On or before the 20th day of each month the county treasurer shall determine and
pay to the commissioner of revenue for deposit in the state treasury deleted text begin and credit to the general
fund
deleted text end the state's portion of the receipts from the mortgage registry tax during the preceding
month subject to the electronic payment requirements of section 270C.42. The county
treasurer shall provide any related reports requested by the commissioner of revenue.

(c) Counties must remit the state's portion of the June receipts collected through June
25 and the estimated state's portion of the receipts to be collected during the remainder of
the month to the commissioner of revenue two business days before June 30 of each year.
The remaining amount of the June receipts is due on August 20.

new text begin (d) Each fiscal year, the commissioner of revenue shall deposit the revenues received
from the county under paragraph (b) in the state treasury and credit the revenues as follows:
new text end

new text begin (1) in fiscal year 2014, the first $95,800,000 in collections shall be deposited in the
general fund, and any excess to the housing development fund under section 462A.20;
new text end

new text begin (2) in fiscal year 2015, the first $94,000,000 in collections shall be deposited in the
general fund, and any excess to the housing development fund under section 462A.20;
new text end

new text begin (3) in fiscal year 2016, the first $97,600,000 in collections shall be deposited in the
general fund, and any excess to the housing development fund under section 462A.20; and
new text end

new text begin (4) in fiscal year 2017 and each subsequent fiscal year, the first $97,400,000
in collections shall be deposited in the general fund, and any excess to the housing
development fund under section 462A.20.
new text end

Sec. 2.

Minnesota Statutes 2012, section 287.29, subdivision 1, is amended to read:


Subdivision 1.

Appointment and payment of tax proceeds.

(a) The proceeds of
the taxes levied and collected under sections 287.21 to 287.39 must be apportioned, 97
percent to the general fund of the state, and three percent to the county revenue fund.

(b) On or before the 20th day of each month, the county treasurer shall determine
and pay to the commissioner of revenue for deposit in the state treasury deleted text begin and credit to the
general fund
deleted text end the state's portion of the receipts for deed tax from the preceding month
subject to the electronic transfer requirements of section 270C.42. The county treasurer
shall provide any related reports requested by the commissioner of revenue.

(c) Counties must remit the state's portion of the June receipts collected through June
25 and the estimated state's portion of the receipts to be collected during the remainder of
the month to the commissioner of revenue two business days before June 30 of each year.
The remaining amount of the June receipts is due on August 20.

new text begin (d) Each fiscal year, the commissioner of revenue shall deposit the revenue received
from the county under paragraph (b) as follows:
new text end

new text begin (1) in fiscal year 2014, the first $82,500,000 in collections shall be deposited in the
general fund, and any excess to the housing development fund under section 462A.20;
new text end

new text begin (2) in fiscal year 2015, the first $97,600,000 in collections shall be deposited in the
general fund, and any excess to the housing development fund under section 462A.20;
new text end

new text begin (3) in fiscal year 2016, the first $103,700,000 in collections shall be deposited in the
general fund, and any excess to the housing development fund under section 462A.20; and
new text end

new text begin (4) in fiscal year 2017 and each subsequent fiscal year, the first $103,400,000
in collections shall be deposited in the general fund, and any excess to the housing
development fund under section 462A.20.
new text end