as introduced - 80th Legislature (1997 - 1998) Posted on 12/15/2009 12:00am
1.1 A bill for an act 1.2 relating to lawful gambling; eliminating the 1.3 requirement for a separate tax refund and credit 1.4 account; amending Minnesota Statutes 1996, section 1.5 349.19, subdivision 2a. 1.6 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 1.7 Section 1. Minnesota Statutes 1996, section 349.19, 1.8 subdivision 2a, is amended to read: 1.9 Subd. 2a. [TAX REFUND AND CREDITACCOUNT.] (a) Each 1.10 organization that receives a refund or credit under section 1.11 297E.02, subdivision 4, paragraph (d), mustestablish a separate1.12account designated as the tax and credit refund account. The1.13organization must (1)within four business days of receiving a 1.14 refund under that paragraph deposit the refund in 1.15 the organization's gambling account, and (2) within four1.16business days of filing a tax return that claims a credit under1.17that paragraph, transfer from the separate account established1.18under subdivision 2 to the tax refund and credit account an1.19amount equal to the tax credit. 1.20(b) The name and address of the bank, the account number1.21for the tax refund and credit account, and the names of1.22organization members authorized as signatories on the account1.23must be provided to the board within 30 days of the date when1.24the organization establishes the account. Changes in the1.25information must be submitted to the board at least ten days2.1before the change is made.2.2(c)(b) The organization may expendmoney in the account2.3 the tax refund or credit issued under section 297E.02, 2.4 subdivision 4, paragraph (d), only for lawful purposes, other 2.5 than lawful purposes described in section 349.012, subdivision 2.6 25, paragraph (a), clauses (8), (9), and (12). Amountsin the2.7accountreceived as refunds or allowed as credits must be spent 2.8 for qualifying lawful purposes no later than one year after the 2.9 refund or credit isdepositedreceived.