SF 3598

as introduced - 92nd Legislature (2021 - 2022) Posted on 03/01/2022 09:45am

A bill for an act
relating to state government; establishing a Minnesota Center for American
Descendants of Slavery; establishing a net investment income tax; requiring reports;
appropriating money; proposing coding for new law in Minnesota Statutes, chapters
138; 290.

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

Section 1.

new text begin [138.9115] MINNESOTA CENTER FOR AMERICAN DESCENDANTS
OF SLAVERY.
new text end

new text begin Subdivision 1. new text end

new text begin Establishment. new text end

new text begin The Minnesota Center for American Descendants of
Slavery, a nonprofit organization, is established to address disparities experienced by
communities of American descendants of slavery and to make investments in education,
housing, economic development, health care and health care delivery, community
engagement, faith-based organizations, and agriculture to benefit American descendants of
slavery.
new text end

new text begin Subd. 2. new text end

new text begin Programs and grants. new text end

new text begin Net revenue received under section 290.033 is annually
appropriated from the general fund to the Minnesota Center for American Descendants of
Slavery for programs and grants to benefit American descendants of slavery. Of these
amounts, $200,000,000 is for E-12 education programs and grants; $100,000,000 is for
housing programs and grants; $150,000,000 is for programs and grants in economic
development; $200,000,000 is for programs and grants to promote health and to facilitate
access to health care; $50,000,000 is to promote civic engagement, improve public safety,
and provide programs and grants for youth; $50,000,000 is for vocational and higher
education programs and grants; and $250,000,000 is for programs and grants in education
about agriculture and fostering connections between American descendants of slavery in
rural areas and metropolitan areas. If the revenue received in any year is insufficient to
support these allocations, each allocation shall be reduced proportionately for that year. The
appropriation under this subdivision is in effect beginning fiscal year 2023 through fiscal
year 2033.
new text end

new text begin Subd. 3. new text end

new text begin Reports. new text end

new text begin The Minnesota Center for American Descendants of Slavery shall
report to the legislature by September 1 of each year on the use of state funds appropriated
to the center. The report shall include an itemized account of the programs and projects
supported and the source of money for each. The report shall show actual expenditures for
the fiscal year ending the preceding June 30 and proposed expenditures for the fiscal year
beginning the preceding July 1.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective July 1, 2022.
new text end

Sec. 2.

new text begin [290.033] NET INVESTMENT INCOME TAX.
new text end

new text begin (a) An annual tax for each taxable year is imposed on all net investment income, as
defined in section 1411(c) of the Internal Revenue Code, in excess of $250,000 for the
following classes of taxpayers:
new text end

new text begin (1) resident and nonresident individuals;
new text end

new text begin (2) estates of decedents, dying domiciled within or outside of this state; and
new text end

new text begin (3) trusts, except those taxable as corporations, however created by residents or
nonresidents or by domestic or foreign corporations.
new text end

new text begin (b) The taxes imposed under paragraph (a) on individuals, estates, and trusts must be
computed by applying the rate of five percent to the individual's, estate's, or trust's net
investment income, as defined in section 1411(c) of the Internal Revenue Code, in excess
of $250,000.
new text end

new text begin (c) Revenue received under this section shall be deposited in 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, 2021, and before January 1, 2032.
new text end