SF 1390

as introduced - 86th Legislature (2009 - 2010) Posted on 02/09/2010 02:20am

A bill for an act
relating to education; allowing school districts to retain one-half of the wind
energy production tax deduction; allocating one-half of the wind energy
production tax allocated to school districts to the permanent school trust fund;
amending Minnesota Statutes 2008, section 126C.21, subdivision 3; proposing
coding for new law in Minnesota Statutes, chapter 127A.

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

Section 1.

Minnesota Statutes 2008, section 126C.21, subdivision 3, is amended to read:

Subd. 3.

County apportionment deduction.

Each year the amount of money
apportioned to a district for that year pursuant to sections127A.34, subdivision 2, and
272.029, subdivision 6, new text begin multiplied by the wind energy factor according to section
127A.335, new text end must be deducted from the general education aid earned by that district for the
same year or from aid earned from other state sources.

Sec. 2.

new text begin [127A.335] PERMANENT SCHOOL TRUST FUND WIND ENERGY
REVENUE.
new text end

new text begin For fiscal year 2010 and later, the commissioner shall transfer to the permanent
school trust fund an amount equal to the amount of money apportioned to all school
districts for that year according to section 272.029, subdivision 6, multiplied by the wind
energy factor. The wind energy factor for fiscal year 2010 and later is 0.5. These funds
shall be managed as principal to the permanent school trust fund.
new text end