Minnesota Session Laws - 1996, Regular Session

  
    
KEY: stricken = old language to be removed
     underscored = new language to be added
    
                            CHAPTER 347-H.F.No. 2115 
                  An act relating to agriculture; adjusting certain net 
                  worth definitions for certain rural finance agency 
                  programs; amending Minnesota Statutes 1994, section 
                  41C.02, subdivision 12. 
        BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
           Section 1.  Minnesota Statutes 1994, section 41C.02, 
        subdivision 12, is amended to read: 
           Subd. 12.  [LOW OR MODERATE NET WORTH.] "Low or moderate 
        net worth" means: 
           (1) for an individual, an aggregate net worth of the 
        individual and the individual's spouse and minor children of 
        less than $200,000 in 1991 and an amount in subsequent years 
        which is adjusted for inflation by multiplying $200,000 by the 
        cumulative inflation rate as determined by the United States 
        All-Items Consumer Price Index; or 
           (2) for a partnership, an aggregate net worth of all 
        partners, including each partner's net capital in the 
        partnership, and each partner's spouse and minor children of 
        less than $400,000 in 1991 and an amount in subsequent years 
        which is adjusted for inflation by multiplying $400,000 by the 
        cumulative inflation rate as determined by the United States 
        All-Items Consumer Price Index.  However, the aggregate net 
        worth of each partner and that partner's spouse and minor 
        children may not exceed $200,000 in 1991 and an amount in 
        subsequent years which is adjusted for inflation by multiplying 
        $200,000 by the cumulative inflation rate as determined by the 
        United States All-Items Consumer Price Index. 
           Sec. 2.  [EFFECTIVE DATE.] 
           Section 1 is effective the day following final enactment. 
           Presented to the governor March 18, 1996 
           Signed by the governor March 19, 1996, 4:07 p.m.