as introduced - 91st Legislature (2019 - 2020) Posted on 03/09/2020 01:29pm
Engrossments | ||
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Introduction | Posted on 03/09/2020 |
A bill for an act
relating to taxation; individual income; requiring the commissioner of revenue to
distribute income tax refunds; appropriating money.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
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This section may be cited as the "Give It Back Act."
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By October 15, 2020, the
commissioner of revenue must pay each individual income taxpayer a refund, in accordance
with this section.
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(a) For married taxpayers filing a joint return, the refund
equals the lesser of:
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(1) the sum of the taxpayer's tax year 2018 and tax year 2019 individual income tax
liability; or
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(2) $2,000.
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(b) For all other taxpayers, the refund equals the lesser of:
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(1) the sum of the taxpayer's tax year 2018 and tax year 2019 individual income tax
liability; or
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(2) $1,000.
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(c) For a taxpayer whose total liability in tax years 2018 and 2019 was negative, the
refund amount equals $0.
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For the purposes of this section:
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(1) "tax year 2018" means taxable years beginning after December 31, 2017, and before
January 1, 2019; and
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(2) "tax year 2019" means taxable years beginning after December 31, 2018, and before
January 1, 2020.
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An amount sufficient to pay the refunds required under this
section is appropriated from the general fund to the commissioner of revenue in fiscal year
2021 for refunds under this section.
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