SF 1265

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 and government financial 
  1.3             security; authorizing the study of the state's tax 
  1.4             structure based upon a fair percentage of a partial 
  1.5             gross worth dollar value for a tax system, and ability 
  1.6             to pay factor. 
  1.7   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.8      Section 1.  [STUDY OF PARTIAL GROSS WORTH DOLLAR VALUE BASE 
  1.9   TAX SYSTEM AND TAX REDUCTION FORMULA AND ABILITY TO PAY FACTOR.] 
  1.10     The committee on taxes of the senate and the committee on 
  1.11  taxes of the house of representatives shall study the 
  1.12  feasibility and desirability of reforming the state's tax 
  1.13  structure by taxing corporations and individuals on a percentage 
  1.14  of partial gross worth value.  "Gross worth value" means partial 
  1.15  value of a fair percentage of the depreciation value of property 
  1.16  owned, and earned income plus dividends necessary for revenue. 
  1.17     The study shall include the feasibility of setting 
  1.18  unchangeable rates to be applied in the factor tax percentage 
  1.19  for obtaining the dollar value base and percentage of tax for 
  1.20  needed revenue added to the factor quotient.  Deductions shall 
  1.21  be allowed in remaining partial gross value. 
  1.22     The committees shall consult appropriate experts in both 
  1.23  the public and private sectors regarding laws that will affect 
  1.24  state and local taxes and revenues. 
  1.25     Sec. 2.  [EFFECTIVE DATE.] 
  1.26     This act is effective July 1, 1997.