HF 1820

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; extending certain distributions 
  1.3             to the taconite economic development fund; amending 
  1.4             Minnesota Statutes 1994, section 298.28, subdivision 
  1.5             9a. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 1994, section 298.28, 
  1.8   subdivision 9a, is amended to read: 
  1.9      Subd. 9a.  [TACONITE ECONOMIC DEVELOPMENT FUND.] (a) 10.4 
  1.10  cents per ton for distributions in 1993 and 15.4 cents per ton 
  1.11  for distributions in 1994, 1995, and 1996, and 1997 shall be 
  1.12  paid to the taconite economic development fund.  No distribution 
  1.13  shall be made under this paragraph in any year in which total 
  1.14  industry production falls below 30 million tons. 
  1.15     (b) An amount equal to 50 percent of the tax under section 
  1.16  298.24 for concentrate sold in the form of pellet chips and 
  1.17  fines not exceeding 5/16 inch in size and not including crushed 
  1.18  pellets shall be paid to the taconite economic development 
  1.19  fund.  The amount paid shall not exceed $700,000 annually for 
  1.20  all companies.  If the initial amount to be paid to the fund 
  1.21  exceeds this amount, each company's payment shall be prorated so 
  1.22  the total does not exceed $700,000.