HF 1694

as introduced - 79th Legislature (1995 - 1996) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to taxation; sales and use; providing a tax 
  1.3             payment option to lessees of tangible personal 
  1.4             property; proposing coding for new law in Minnesota 
  1.5             Statutes, chapter 297A. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  [297A.138] [LEASES; TAX PAYMENT OPTION.] 
  1.8      At the option of the lessee, the tax on the gross receipts 
  1.9   generated from a lease agreement may be paid by the lessee 
  1.10  either (1) in its entirety at the time the obligation to pay 
  1.11  becomes fixed under the terms of the agreement, or (2) prorated 
  1.12  over the lease period and paid at the time payments are made 
  1.13  under the lease.  The provisions of this section do not alter 
  1.14  the time of the incidence or the calculation of the total amount 
  1.15  of tax due.  A payment made under clause (1) may be refunded in 
  1.16  its entirety under section 297A.15, subdivision 5, subject to 
  1.17  the requirements of that subdivision. 
  1.18     Sec. 2.  [EFFECTIVE DATE.] 
  1.19     Section 1 is effective for contracts entered into after 
  1.20  June 30, 1995.