HF 2115

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

  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.