as introduced - 79th Legislature (1995 - 1996) Posted on 12/15/2009 12:00am
Engrossments | ||
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Introduction | Posted on 08/14/1998 |
1.1 A bill for an act 1.2 relating to agriculture; adjusting certain net worth 1.3 definitions for certain rural finance agency programs; 1.4 amending Minnesota Statutes 1994, section 41C.02, 1.5 subdivision 12. 1.6 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 1.7 Section 1. Minnesota Statutes 1994, section 41C.02, 1.8 subdivision 12, is amended to read: 1.9 Subd. 12. [LOW OR MODERATE NET WORTH.] "Low or moderate 1.10 net worth" means: 1.11 (1) for an individual, an aggregate net worth of the 1.12 individual and the individual's spouse and minor children of 1.13 less than $200,000 in 1991 and an amount in subsequent years 1.14 which is adjusted for inflation by multiplying $200,000 by the 1.15 cumulative inflation rate as determined by the United States 1.16 All-Items Consumer Price Index; or 1.17 (2) for a partnership, an aggregate net worth of all 1.18 partners, including each partner's net capital in the 1.19 partnership, and each partner's spouse and minor children of 1.20 less than $400,000 in 1991 and an amount in subsequent years 1.21 which is adjusted for inflation by multiplying $400,000 by the 1.22 cumulative inflation rate as determined by the United States 1.23 All-Items Consumer Price Index. However, the aggregate net 1.24 worth of each partner and that partner's spouse and minor 1.25 children may not exceed $200,000 in 1991 and an amount in 2.1 subsequent years which is adjusted for inflation by multiplying 2.2 $200,000 by the cumulative inflation rate as determined by the 2.3 United States All-Items Consumer Price Index. 2.4 Sec. 2. [EFFECTIVE DATE.] 2.5 Section 1 is effective the day following final enactment.