as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am
Engrossments | ||
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Introduction | Posted on 02/24/2005 |
A bill for an act
proposing an amendment to the Minnesota Constitution
by adding a section to article X; establishing a
property taxpayers' trust fund and dedicating the
revenues raised from 1-1/4 cent of the general sales
tax revenue exclusively to paying property tax relief.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
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An amendment to the Minnesota Constitution is proposed to
the people. If the amendment is adopted, a section shall be
added to article X, to read:
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Sec. 9. A permanent property taxpayers' trust fund is
established in the state treasury. The fund consists of the net
proceeds generated by a general sales and use tax imposed at a
rate of 1-1/4 percent on all taxable sales, excluding motor
vehicles, including penalties and interest paid with respect to
the sales and use tax. Funds in the property taxpayers' trust
fund shall be appropriated in the manner prescribed by law
solely for property tax relief for property taxpayers.
Fifty-five percent of the funds shall be distributed to cities
through a program designed to compensate for differences in
revenue need and differences in property wealth among cities,
and 45 percent of the fund shall be distributed through a
program designed to provide property tax relief directly to
homeowners and renters.
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The proposed amendment shall be submitted to the people at
the 2006 general election. The question proposed shall be:
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"Shall the Minnesota Constitution be amended to dedicate
revenues from 1-1/4 cent of the general sales and use tax to a
property taxpayers' trust fund to be used for property taxpayers
of cities and towns?
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Yes .......
No ........"
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