Legislative Session number- 85

Bill Name: SF3665

Relating to taxation; establishing a data match system for comparison of account
information data held by financial institutions with the department of revenue
database of debtors (tax debtor matching system), permitting fee charging,
providing for noncompliance to information requests, confidentiality, immunity
and civil action for unauthorized disclosures by financial institutions,
appropriating annually for administrative costs, making conforming amendments;
creating the surplus lines association of Minnesota as a nonprofit association,
classifying data as public, requiring licensees to submit documents to the
surplus lines association; defining targeted rural opportunity community,
establishing a regional emerging business investment tax credit for qualifying
businesses; abolishing the political contribution refund; making federal tax
conforming changes; defining levy year as the year in which levies are certified
for taxes payable in the following year; establishing levy limits for local
governmental units; establishing the adjusted levy limit base; updating internal
revenue code definition; increasing the accelerated vendor sales and use tax
percentage; modifying the foreign operating corporation tax; providing an income
tax addition for amounts deducted for tuition and related expenses and
elementary and secondary school teacher expenses; providing income tax
subtractions for certain retirement pay for armed forces service; providing
corporate income tax additions and subtractions; providing a regional emerging
business investment tax credit; modifying net income apportionment; requiring a
certain tax withholding by contractors; lowering the percentage of gross rent
constituting property taxes for refund purposes; increasing the computation of
unrefunded gas tax on all-terrain vehicles (ATV); reducing the general sales and
use tax rate, defining bundled sales transactions, modifying definition of
retail sale, exempting leather and suede from the fur clothing definition;
setting the motor vehicle excise tax at a certain percentage; increasing the
percent of the estimated June liability cigarette and tobacco products
distributors and liquor manufacturers, wholesalers, brewers and importers are
required to submit to the commissioner of revenue; extending the duration limits
of certain job opportunity building zones (JOBZ) under certain conditions;
moving up the date for fur tax payments; appropriating money for transition aid
for counties, cities and towns; requiring the commissioner of revenue to make
certain tax base adjustments for the calculation of school district levy
limitations and for tax base adjustment for calculation of county and city aids;
repealing campaign and public finance disclosure spending limit agreement refund
receipt forms and penalty, income and franchise tax refund of contribution to
political parties and candidates and the gross revenues and gross receipts
special fur clothing tax
(rt)