HF 723

as introduced - 81st Legislature (1999 - 2000) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to taxation; providing a credit against 
  1.3             income taxes for employers who provide certain transit 
  1.4             benefits to employees; amending Minnesota Statutes 
  1.5             1998, section 290.06, by adding a subdivision. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 1998, section 290.06, is 
  1.8   amended by adding a subdivision to read: 
  1.9      Subd. 26.  [CREDIT FOR TRANSIT PASSES.] A taxpayer may take 
  1.10  a credit against the tax due under this chapter equal to 30 
  1.11  percent of the expense incurred by the taxpayer to provide 
  1.12  transit passes to employees of the taxpayer.  As used in this 
  1.13  subdivision, "transit pass" has the meaning given in section 
  1.14  132(f)(5)(A) of the Internal Revenue Code.  If the taxpayer 
  1.15  purchases the transit passes from the transit system operator, 
  1.16  and resells them to employees, the credit is based on the amount 
  1.17  of the difference between the price paid for the passes by the 
  1.18  employer and the amount charged to employees. 
  1.19     Sec. 2.  [EFFECTIVE DATE.] 
  1.20     Section 1 is effective for taxable years beginning after 
  1.21  December 31, 1999.