HF 2484

as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am

A bill for an act
relating to taxation; allowing partial refund of
certain sales taxes imposed to fund sports facilities;
appropriating money; amending Minnesota Statutes 2004,
section 290.06, by adding a subdivision.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2004, section 290.06, is
amended by adding a subdivision to read:

new text begin Subd. 32. new text end

new text begin Sales tax credit. new text end

new text begin (a) An individual who is a
resident of a county imposing a general sales tax to finance, in
whole or part, acquisition and construction of professional
sports facilities of the type defined in section 473.551,
subdivision 8, is allowed a credit against the tax imposed by
this chapter. The credit equals 25 percent of the amount the
taxpayer would have been allowed to deduct under section
164(b)(5) of the Internal Revenue Code for the county sales tax,
determined without regard to whether the taxpayer elected to
deduct general sales taxes or itemizes deductions. No credit
applies if the amount determined under the preceding sentence is
less than $10.
new text end

new text begin (b) If the credit exceeds the taxpayer's liability for tax
under this chapter, the commissioner shall refund the excess to
the claimant.
new text end

new text begin (c) An amount sufficient to pay the refunds required under
this section is appropriated from the general fund to the
commissioner of revenue.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for taxable
years beginning after December 31, 2004.
new text end