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HF 431

as introduced - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am

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

Engrossments
Introduction Posted on 01/29/2007

Current Version - as introduced

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A bill for an act
 relating to taxation; extending the income tax credit for transit passes to nonprofit
organizations; appropriating money; amending Minnesota Statutes 2006, section
290.06, subdivision 28.

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

Section 1.

Minnesota Statutes 2006, section 290.06, subdivision 28, is amended to read:


Subd. 28.

deleted text begin Creditdeleted text end new text begin Credits and refundsnew text end for transit passes.

new text begin (a) new text end A taxpayer may
take a credit against the tax due under this chapter equal to 30 percent of the expense
incurred by the taxpayer to provide transit passes, for use in Minnesota, to employees of
the taxpayer. As used in this subdivision, "transit pass" has the meaning given in section
132(f)(5)(A) of the Internal Revenue Code. If the taxpayer purchases the transit passes
from the transit system operator, and resells them to the employees, the credit is based on
the amount of the difference between the price paid for the passes by the employer and
the amount charged to employees.

new text begin (b) An employer that is exempt from taxation under section 290.05, but excluding
entities enumerated in section 290.05, subdivision 1, clause (b), may claim a refund equal
to 30 percent of an expense incurred by the employer to provide transit passes to the
employer's employees for use in Minnesota.
 new text end

new text begin (c) The commissioner shall prescribe the forms for and the manner in which the
refund may be claimed. The commissioner must provide for paying refunds at least
quarterly. The commissioner may set a minimum amount of qualifying expenses that must
be incurred before a refund may be claimed.
 new text end

new text begin (d) An amount sufficient to pay the refunds required by this subdivision is
appropriated from the general fund to the commissioner of revenue.
 new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for transit passes purchased after
June 30, 2007.
 new text end