HF 2956

as introduced - 87th Legislature (2011 - 2012) Posted on 03/22/2012 11:14am

A bill for an act
relating to the legislature; imposing a moratorium on enactment of new tax
credits; proposing coding for new law in Minnesota Statutes, chapter 3.

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

Section 1.

new text begin [3.193] TAX CREDIT MORATORIUM.
new text end

new text begin (a) The legislature shall not enact a new credit against any state tax or expand the
provision of an existing tax credit, unless it also repeals or modifies an existing tax credit
in a manner that results in no change in state tax revenues. For purposes of this section,
a tax credit includes any provision of law that is deducted from the liability for tax,
regardless of whether the amount is limited to the liability for tax or is refundable. This
section does not apply to enactment of a modification of an existing tax credit to conform
to changes in a federal tax credit upon which the state credit is based.
new text end

new text begin (b) Any credit enacted or expanded in violation of this section is void.
new text end

new text begin (c) This section expires on .......
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment
and applies to tax credits enacted after that date.
new text end