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SF 3530

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

KEY: stricken = removed, old language.
underscored = added, new language.

Current Version - as introduced

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A bill for an act
relating to taxation; providing individual and corporate income tax checkoffs to
fund the State Capitol restoration; 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 [290.433] STATE CAPITOL RESTORATION CHECKOFF.
new text end

new text begin Subdivision 1. new text end

new text begin Individual returns. new text end

new text begin Every individual who files an income tax return
may designate on the individual's return that $1 or more must be added to the tax or
deducted from the refund that would otherwise be payable by or to that individual and
paid into an account in the special revenue fund to be established for restoration of the
State Capitol. The commissioner of revenue must, on the income tax return and the
property tax refund claim form, notify filers of their right to designate that a portion of
their tax or refund be paid into the State Capitol restoration account. The sum of the
amounts so designated must be credited to the State Capitol restoration account for use by
the Department of Administration to design, construct, furnish, and equip the restoration
and renovation of the State Capitol building. All interest earned on money accrued and
gifts to the account, and reimbursement of expenditures must be credited to the account
by the commissioner of finance.
new text end

new text begin Subd. 2. new text end

new text begin Corporate returns. new text end

new text begin A corporation that files an income tax return may
designate on its original return that $1 or more must be added to the tax or deducted from
the refund that would otherwise be payable by or to that corporation and paid into an
account in the special revenue fund to be established for restoration of the State Capitol.
The commissioner of revenue must, on the corporate tax return, notify filers of their right
to designate that a portion of their tax or refund be paid into the State Capitol restoration
account. The sum of the amounts so designated must be credited to the State Capitol
restoration account for use by the Department of Administration to design, construct,
furnish, and equip the restoration and renovation of the State Capitol building. All interest
earned on money accrued and gifts to the account, and reimbursement of expenditures,
must be credited to the account by the commissioner of finance.
new text end

new text begin Subd. 3. new text end

new text begin Use of funds. new text end

new text begin The state pledges and agrees with all individual and
corporate contributors to the State Capitol restoration account to use the funds solely for
the design, construction, furnishing, and equipping of the restoration and renovation of the
State Capitol, and further agrees that it will not impose additional conditions or restrictions
that will limit or otherwise restrict the ability of the commissioner of administration to
use the available funds for the most efficient and effective management of restoration
to the State Capitol.
new text end

new text begin EFFECTIVE DATE. new text end

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