HF 622

as introduced - 92nd Legislature (2021 - 2022) Posted on 02/10/2022 03:49pm

A bill for an act
relating to taxation; individual income; allowing gasoline dealers a refundable
credit for sales of gasoline blended with ethanol; proposing coding for new law
in Minnesota Statutes, chapter 290.

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

Section 1.

new text begin [290.0693] CREDIT FOR ETHANOL RETAILERS.
new text end

new text begin Subdivision 1. new text end

new text begin Definitions. new text end

new text begin For the purposes of this section, the following terms have
the meanings given:
new text end

new text begin (1) "dealer" has the meaning given in section 296A.01, subdivision 13; and
new text end

new text begin (2) "higher ethanol blend" means gasoline blended with ethanol as defined in section
239.761, subdivision 4, that contains at least 15 percent ethanol but no more than 85 percent
ethanol.
new text end

new text begin Subd. 2. new text end

new text begin Credit allowed. new text end

new text begin A dealer that is subject to the tax imposed under section 290.03
is allowed a credit against the tax imposed under this chapter equal to five cents per gallon
of higher ethanol blend the dealer sells and dispenses through metered pumps at the dealer's
retail service station in a taxable year.
new text end

new text begin Subd. 3. new text end

new text begin Pass-through entities. new text end

new text begin Credits granted to a partnership, a limited liability
company taxed as a partnership, or S corporation are passed through to the partners, members,
shareholders, or owners, respectively, pro rata to each partner, member, shareholder, or
owner based on their share of the entity's assets or as specially allocated in their
organizational documents or any other executed agreement as of the last day of the taxable
year.
new text end

new text begin Subd. 4. new text end

new text begin Credit refundable. new text end

new text begin If the amount of credit that a claimant is eligible to receive
under this section exceeds the claimant's tax liability under this chapter, the commissioner
shall refund the excess to the claimant.
new text end

new text begin Subd. 5. new text end

new text begin Appropriation. new text end

new text begin An amount sufficient to pay the refunds required under this
section is appropriated from the general fund to the commissioner of revenue.
new text end

new text begin Subd. 6. new text end

new text begin Sunset. new text end

new text begin This section expires for taxable years beginning after December 31,
2024.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for taxable years beginning after December
31, 2020.
new text end