HF 2305

as introduced - 81st Legislature (1999 - 2000) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to taxation; providing an income tax checkoff 
  1.3             to provide money for the children's trust fund for the 
  1.4             prevention of child abuse; amending Minnesota Statutes 
  1.5             1998, section 119A.12; proposing coding for new law in 
  1.6             Minnesota Statutes, chapter 290. 
  1.7   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.8      Section 1.  Minnesota Statutes 1998, section 119A.12, is 
  1.9   amended to read: 
  1.10     119A.12 [TRUST FUND.] 
  1.11     Subdivision 1.  [CREATION OF TRUST FUND.] A children's 
  1.12  trust fund for the prevention of child abuse is established as 
  1.13  an account in the state treasury.  The commissioner of finance 
  1.14  shall credit to the trust fund all amounts received under 
  1.15  sections 119A.16 and, 144.226, subdivision 3, 290.433, and 
  1.16  290.434, and shall ensure that trust fund money is invested 
  1.17  under section 11A.25.  All money earned by the trust fund must 
  1.18  be credited to the trust fund.  The trust fund earns its 
  1.19  proportionate share of the total annual state investment income. 
  1.20     Subd. 2.  [AVAILABILITY OF FUNDS FOR DISBURSEMENT.] Until 
  1.21  the total amount of assets in the trust fund exceeds 
  1.22  $20,000,000, not more than 60 percent of the gross amount 
  1.23  contributed to the trust fund each year under section 144.226, 
  1.24  subdivision 3, plus 100 percent of all earnings credited to the 
  1.25  trust fund the previous fiscal year, are available for 
  1.26  disbursement.  When the commissioner of finance certifies that 
  2.1   the assets in the trust fund exceed $20,000,000, only the annual 
  2.2   earnings and the funds received under section sections 119A.16, 
  2.3   290.433, and 290.434 that are credited to the trust fund are 
  2.4   available for disbursement.  
  2.5      Subd. 3.  [EXCEPTION.] Notwithstanding subdivision 2, money 
  2.6   received under section sections 119A.16, 290.433, and 290.434 
  2.7   may be disbursed in its entirety.  This money must not be taken 
  2.8   into account when calculating the annual contributions to the 
  2.9   trust fund under this section. 
  2.10     Sec. 2.  [290.433] [CHILDREN'S TRUST FUND CHECKOFF FOR 
  2.11  INDIVIDUALS.] 
  2.12     Every individual who files an income tax return or property 
  2.13  tax refund claim form may designate on the original return that 
  2.14  $1 or more be added to the tax or deducted from the refund that 
  2.15  would otherwise be payable by or to that individual and paid 
  2.16  into the children's trust fund for the prevention of child abuse 
  2.17  established under section 119A.12.  The commissioner shall, on 
  2.18  the income tax return and the property tax refund claim form, 
  2.19  notify filers of their right to designate a portion of their tax 
  2.20  or refund be paid into the trust fund.  The sum of the amounts 
  2.21  so designated shall be credited by the commissioner to the 
  2.22  children's trust fund for the prevention of child abuse 
  2.23  established under section 119A.12. 
  2.24     Sec. 3.  [290.434] [CORPORATE CHILDREN'S TRUST FUND 
  2.25  CHECKOFF.] 
  2.26     A corporation that files an income tax return may designate 
  2.27  on its original return that $1 or more be added to the tax or 
  2.28  deducted from the refund that would otherwise be payable by or 
  2.29  to that corporation and paid into the children's trust fund for 
  2.30  the prevention of child abuse established under section 
  2.31  119A.12.  The commissioner shall, on the corporate tax return, 
  2.32  notify filers of their right to designate a portion of their tax 
  2.33  return be paid into the trust fund.  The sum of the amounts so 
  2.34  designated shall be credited by the commissioner to the 
  2.35  children's trust fund for the prevention of child abuse 
  2.36  established under section 119A.12. 
  3.1      Sec. 4.  [EFFECTIVE DATE.] 
  3.2      Sections 1 to 3 are effective for taxable years beginning 
  3.3   after December 31, 1998.