Relating to taxation

ARTICLE 1 - JOB INCENTIVES AND ECONOMIC STIMULUS

Repealing the political contribution income or franchise tax refund; modifying the definition of taxpayer; defining small business stock; providing for the gradual reduction of corporate franchise tax rates; providing a refund for qualified property purchases by small businesses; modifying the corporate alternative minimum tax; modifying the residential homestead market value property tax credit; modifying the definition of rent constituting property taxes for property tax refund purposes and certain rent percentages; modifying the incentive payment for the sustainable forest resource management program; modifying the capital equipment sales tax exemption; modifying the taconite production tax

ARTICLE 2 - GREEN JOB OPPORTUNITY BUILDING ZONES

Establishing green job opportunity building zones (green JOBZ), defining terms, specifying limitations, providing an application for designation procedure, eligibility and criteria, providing for business subsidy agreements and reports, green job opportunity building zones designation, available tax incentives, individual income and corporate franchise tax exemptions, green jobs credit, property tax exemption and wind energy production tax exemption, requiring a tax benefit report from qualifying businesses, providing income tax benefits, allowing an income tax jobs credit, requiring tax benefits repayment by businesses no longer operating in a zone and continuing eligibility certification, specifying agreement breaches and prohibition against amendments to business subsidy agreements, allowing state auditor audits

ARTICLE 3 - MINNESOTA SMALL BUSINESS INVESTMENT COMPANY CREDIT

Providing a Minnesota small business investment company credit, defining terms, specifying requirements, aggregate limitations on investment credits allocation, continued certification requirements, reporting requirements, distributions, audit, certification revocation, registration requirements, reporting, credit allowed and repayment upon decertification

ARTICLE 4 - JOB GROWTH INVESTMENT TAX CREDIT

Providing a job growth investment tax credit, defining terms, specifying
qualified regional investment fund requirements, funds certification and
requirements and individual investors certification, allowing a job growth
investment tax credit

ARTICLE 5 - AIDS TO LOCAL GOVERNMENTS

Modifying local government aid; modifying the market value homestead
credit reimbursement; providing for county program aid adjustments; modifying the city formula aid and city aid distribution; requiring the commissioner of revenue to compute certain 2009 city and county aid reductions; modifying general distribution requirements and payments to counties for natural resources land; repealing a certain provision relating to certain appropriation aid adjustments

ARTICLE 6 - FEDERAL UPDATE

Updating certain state income tax and property tax refund provisions to changes in the internal revenue code (IRC) and updating the definition of internal revenue code under tax administration and compliance provisions; prohibiting commissioner of revenue from assessing tax penalty or interest
against an employer for failing to withhold tax from differential wages to an
employee called to active duty in the military
(je)