HF 1635

Introduction - 80th Legislature (1997 - 1998)

Posted on 12/15/2009 12:00 a.m.

  1.1                          A bill for an act
  1.2             relating to taxation; individual income; allowing a 
  1.3             one-time personal and dependent refund. 
  1.4   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.5      Section 1.  [PERSONAL AND DEPENDENT REFUND.] 
  1.6      (a) A refund is allowed to individual taxpayers for the tax 
  1.7   year beginning in 1997.  The refund equals $500 multiplied by 
  1.8   the number of the taxpayer's personal and dependent exemptions, 
  1.9   as defined in sections 151 and 152 of the Internal Revenue Code, 
  1.10  and allowed on the taxpayer's federal income tax return for the 
  1.11  tax year beginning in 1997.  The maximum amount of the refund is 
  1.12  $1,500. 
  1.13     (b) The refund is limited to the amount of the taxpayer's 
  1.14  tax liability under Minnesota Statutes, chapter 290. 
  1.15     (c) Notwithstanding any other law to the contrary, the 
  1.16  amount of the refund bears interest from the later of (1) 90 
  1.17  days from the date the taxpayer files the taxpayer's 1997 
  1.18  Minnesota individual income tax return or (2) October 1, 1998. 
  1.19     (d) Except as otherwise provided, the provisions of 
  1.20  Minnesota Statutes, chapters 289A and 290 apply to the refund 
  1.21  provided in this section. 
  1.22     Sec. 2.  [EFFECTIVE DATE.] 
  1.23     Section 1 is effective for the tax year beginning in 1997.