SF 2369

Introduction - 82nd Legislature (2001 - 2002)

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

  1.1                          A bill for an act 
  1.2             relating to taxation; providing an income tax credit 
  1.3             for expenditures for improvements to residential 
  1.4             buildings located near light rail transit stations to 
  1.5             make the buildings accessible to individuals with 
  1.6             disabilities; amending Minnesota Statutes 2000, 
  1.7             section 290.06, by adding a subdivision. 
  1.8   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.9      Section 1.  Minnesota Statutes 2000, section 290.06, is 
  1.10  amended by adding a subdivision to read: 
  1.11     Subd. 29.  [CREDIT FOR EXPENDITURES FOR ACCESSIBLE 
  1.12  RESIDENTIAL BUILDINGS.] (a) A taxpayer may take a credit against 
  1.13  the tax due under this chapter equal to the amount expended by 
  1.14  the taxpayer during the taxable year for improvements to 
  1.15  residential property that is not otherwise required to be 
  1.16  accessible but is voluntarily being made accessible under 
  1.17  standards established by the building codes and standards 
  1.18  division of the department of administration under Minnesota 
  1.19  Rules, chapter 1341, for achieving accessibility for individuals 
  1.20  with disabilities, provided that the property is located within 
  1.21  one-half mile of a light rail transit station.  This credit is 
  1.22  available to an owner or developer of eligible property. 
  1.23     (b) To claim a tax credit under this subdivision, the 
  1.24  taxpayer shall submit an application to a local building code 
  1.25  official or accessibility specialist licensed by the department 
  1.26  of administration, along with any documentation deemed necessary 
  2.1   by the department of administration or the commissioner of 
  2.2   revenue to determine eligibility of the expenditure for the 
  2.3   credit.  The department of administration shall, upon receipt of 
  2.4   approval of the application by a local building code official or 
  2.5   a licensed accessibility specialist and appropriate 
  2.6   documentation, issue to the taxpayer a certificate of 
  2.7   eligibility for the tax credit in the amount of the qualifying 
  2.8   expenditures and shall certify the credit to the department of 
  2.9   revenue. 
  2.10     (c) If the credit provided under this subdivision exceeds 
  2.11  the tax liability of the taxpayer for the taxable year, the 
  2.12  excess amount of the credit may be carried over to each of the 
  2.13  ten taxable years succeeding the taxable year.  The entire 
  2.14  amount of the credit must be carried to the earliest taxable 
  2.15  year to which the amount may be carried.  The unused portion of 
  2.16  the credit must be carried to the following taxable year.  No 
  2.17  credit may be carried to a taxable year more than ten years 
  2.18  after the taxable year in which the credit was earned.  
  2.19     [EFFECTIVE DATE.] This section is effective for taxable 
  2.20  years after December 31, 2000.