HF 3683

as introduced - 80th Legislature (1997 - 1998) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act
  1.2             relating to taxation; individual income; providing for 
  1.3             a one-time rebate of any additional surplus under the 
  1.4             February 1998 forecast. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [REBATE.] 
  1.7      Subdivision 1.  [SURPLUS FORECAST.] This section applies 
  1.8   only if in the February 1998 forecast of state revenues and 
  1.9   expenditures the commissioner of finance estimates that the 
  1.10  total available general fund balance exceeds by $100,000,000 or 
  1.11  more the available balance estimated in the November 1997 
  1.12  forecast. 
  1.13     Subd. 2.  [INDIVIDUAL INCOME TAX CREDIT.] An individual is 
  1.14  allowed a credit against the tax imposed under Minnesota 
  1.15  Statutes, section 290.06, for taxable years beginning during 
  1.16  calendar year 1998.  The credit equals the credit percentage, 
  1.17  determined under subdivision 3, multiplied by the liability for 
  1.18  tax under Minnesota Statutes, section 290.06, of the individual 
  1.19  for the taxable year but not to exceed $750 ($1,500 for a 
  1.20  married joint filer). 
  1.21     Subd. 3.  [CREDIT PERCENTAGE.] The commissioner of revenue 
  1.22  shall set the credit percentage at a rate, based on the 
  1.23  commissioner's best estimate, sufficient to provide total 
  1.24  allowable credits equal to the commissioner of finance's 
  1.25  February 1998 forecast of the increase in the available general 
  2.1   fund balance over the available balance estimated in the 
  2.2   November 1997 forecast. 
  2.3      Sec. 2.  [EFFECTIVE DATE.] 
  2.4      Section 1 is effective for taxable years beginning after 
  2.5   December 31, 1997, and before January 1, 1999.