HF 1002

as introduced - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am

A bill for an act
relating to taxation; income taxes; providing an income tax credit for the purchase
of an alternative fuel vehicle; appropriating money; amending Minnesota
Statutes 2006, section 290.06, by adding a subdivision.

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

Section 1.

Minnesota Statutes 2006, section 290.06, is amended by adding a
subdivision to read:

Subd. 34.

Alternative fuel vehicle credit.

(a) A credit is allowed against the tax
due under this chapter for an amount equal to $1,000 or ten percent of the purchase price,
whichever is greater, for the purchase of an alternative fuel vehicle, as defined in section
216C.01, subdivision 1.

(b) If the amount of credit which the taxpayer is eligible to receive under this
subdivision exceeds the taxpayer's tax liability under this chapter, the commissioner shall
refund the excess to the taxpayer.

(c) The amount necessary to pay claims for the refund provided in this subdivision is
appropriated from the general fund to the commissioner of revenue.

EFFECTIVE DATE.

This section is effective for taxable years beginning after
December 31, 2006.