SF 4048

as introduced - 90th Legislature (2017 - 2018) Posted on 04/30/2018 03:58pm

A bill for an act
relating to education finance; requiring that tax revenues from certain foreign-source
income be transferred to the budget reserve; amending Minnesota Statutes 2016,
section 16A.152, by adding a subdivision.

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

Section 1.

Minnesota Statutes 2016, section 16A.152, is amended by adding a subdivision
to read:

new text begin Subd. 2a. new text end

new text begin Transfer of certain tax revenues. new text end

new text begin If the state of Minnesota receives tax
revenue resulting from the treatment of deferred foreign income under Public Law 115-97,
title 1, subtitle D, parts I and II, the commissioner of revenue shall certify to the commissioner
of management and budget the amount of the revenue received each fiscal year. The
commissioner of management and budget shall then transfer the amount certified under this
subdivision to the budget reserve account established under subdivision 1a.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for revenue received in taxable years
beginning after December 31, 2017.
new text end