SF 3529

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

A bill for an act
relating to taxation; income taxes; providing a credit for contributions to the
State Capitol restoration; appropriating money; proposing coding for new law in
Minnesota Statutes, chapter 290.

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

Section 1.

new text begin [290.0678] CAPITOL RESTORATION CREDIT.
new text end

new text begin Subdivision 1. new text end

new text begin Credit allowed. new text end

new text begin An individual or corporate taxpayer is allowed
a credit against the tax due under this chapter equal to the amount the taxpayer has
contributed to the state for restoration and renovation of the State Capitol.
new text end

new text begin Subd. 2. new text end

new text begin Credit refundable. new text end

new text begin If the amount of the credit, which the taxpayer is
eligible to receive under this section exceeds the taxpayer's tax liability for tax under this
chapter, the commissioner must refund the excess to the taxpayer.
new text end

new text begin Subd. 3. new text end

new text begin Appropriation. new text end

new text begin An amount sufficient to pay the refunds required by this
section is appropriated to the commissioner from the general fund.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for taxable years beginning after
December 31, 2007.
new text end