.................... moves to amend H.F. No. 1782 as follows:
Page 21, line 12, delete "the
Page 21, delete lines 13 to 16 and insert "charitable contributions allowable as a
1.4deduction for the taxable year under section 170(a) of the Internal Revenue Code, subject
1.5to the limitations of section 170(b) of the Internal Revenue Code, and determined without
1.6regard to whether the taxpayer itemizes deductions.
Page 23, after line 36, insert
"Sec. 19. Minnesota Statutes 2008, section 290.091, subdivision 6, is amended to read:
Subd. 6. Credit for prior years' liability.
(a) A credit is allowed against the tax
imposed by this chapter on individuals, trusts, and estates equal to the minimum tax
credit for the taxable year. The minimum tax credit equals the adjusted net minimum
tax for taxable years beginning after December 31, 1988, reduced by the minimum tax
credits allowed in a prior taxable year. The credit may not exceed the excess (if any) for
the taxable year of
(1) the regular tax, over
(2) the greater of (i) the tentative alternative minimum tax, or (ii) zero.
(b) The adjusted net minimum tax for a taxable year equals the lesser of the net
minimum tax or the excess (if any) of
(1) the tentative minimum tax, over
(2) 6.4 percent of the sum of
(i) adjusted gross income as defined in section 62 of the Internal Revenue Code,
(ii) interest income as defined in section
290.01, subdivision 19a
, clause (1),
(iii) interest on specified private activity bonds, as defined in section 57(a)(5) of the
Internal Revenue Code, to the extent not included under clause (ii),
(iv) depletion as defined in section 57(a)(1), determined without regard to the last
sentence of paragraph (1), of the Internal Revenue Code, less
(v) the deductions allowed in computing alternative minimum taxable income
provided in subdivision 2, paragraph (a), clause (2) of the first series of clauses and clauses
(1), (2), and (3) of the second series of clauses, and
(vi) the exemption amount determined under subdivision 3.
In the case of an individual who is not a Minnesota resident for the entire year,
adjusted net minimum tax must be multiplied by the fraction defined in section
, paragraph (e). In the case of a trust or estate, adjusted net minimum tax
must be multiplied by the fraction defined under subdivision 4, paragraph (b).
2.9 (c) For taxable years beginning after December 31, 2008, and before January 1,
2.102011, a credit is allowed against the tax imposed by this chapter on individuals, trusts,
2.11and estates equal to the minimum tax credit for the taxable year. The minimum tax credit
2.12equals the adjusted net minimum tax for taxable years beginning after December 31, 1988,
2.13and before January 1, 2009, reduced by the minimum tax credits allowed in a prior taxable
2.14year. The credit may not exceed the tax imposed by this chapter after allowance of the
2.15credits in sections 290.06, subdivisions 22, 22a, and 29; and 290.0675.
2.16EFFECTIVE DATE.This section is effective for taxable years beginning after
2.17December 31, 2008.
Page 30, after line 20, insert:
"Sec. 26. Minnesota Statutes 2008, section 297A.94, is amended to read:
2.20297A.94 DEPOSIT OF REVENUES.
(a) Except as provided in this section, the commissioner shall deposit the revenues,
including interest and penalties, derived from the taxes imposed by this chapter in the state
treasury and credit them to the general fund.
(b) The commissioner shall deposit taxes in the Minnesota agricultural and economic
account in the special revenue fund if:
(1) the taxes are derived from sales and use of property and services purchased for
the construction and operation of an agricultural resource project; and
(2) the purchase was made on or after the date on which a conditional commitment
was made for a loan guaranty for the project under section
41A.04, subdivision 3
The commissioner of finance shall certify to the commissioner the date on which the
project received the conditional commitment. The amount deposited in the loan guaranty
account must be reduced by any refunds and by the costs incurred by the Department of
Revenue to administer and enforce the assessment and collection of the taxes.
(c) The commissioner shall deposit the revenues, including interest and penalties,
derived from the taxes imposed on sales and purchases included in section
, paragraph (g), clauses (1) and (4), in the state treasury, and credit them
(1) first to the general obligation special tax bond debt service account in each fiscal
year the amount required by section
16A.661, subdivision 3
, paragraph (b); and
(2) after the requirements of clause (1) have been met, the balance to the general
(d) The commissioner shall deposit the revenues, including interest and penalties,
collected under section
297A.64, subdivision 5
, in the state treasury and credit them to the
general fund. By July 15 of each year the commissioner shall transfer to the highway user
tax distribution fund an amount equal to the excess fees collected under section
, for the previous calendar year.
(e) For fiscal year 2001, 97 percent; for fiscal years 2002 and 2003, 87 percent; and
for fiscal year 2004 and thereafter,
percent of the revenues, including interest and
penalties, transmitted to the commissioner under section
, must be deposited by
the commissioner in the state treasury as follows:
(1) 50 percent of the receipts must be deposited in the heritage enhancement account
in the game and fish fund, and may be spent only on activities that improve, enhance, or
protect fish and wildlife resources, including conservation, restoration, and enhancement
of land, water, and other natural resources of the state;
(2) 22.5 percent of the receipts must be deposited in the natural resources fund, and
may be spent only for state parks and trails;
(3) 22.5 percent of the receipts must be deposited in the natural resources fund, and
may be spent only on metropolitan park and trail grants;
(4) three percent of the receipts must be deposited in the natural resources fund, and
may be spent only on local trail grants; and
(5) two percent of the receipts must be deposited in the natural resources fund,
and may be spent only for the Minnesota Zoological Garden, the Como Park Zoo and
Conservatory, and the Duluth Zoo.
(f) The revenue dedicated under paragraph (e) may not be used as a substitute
for traditional sources of funding for the purposes specified, but the dedicated revenue
shall supplement traditional sources of funding for those purposes. Land acquired with
money deposited in the game and fish fund under paragraph (e) must be open to public
hunting and fishing during the open season, except that in aquatic management areas or
on lands where angling easements have been acquired, fishing may be prohibited during
certain times of the year and hunting may be prohibited. At least 87 percent of the money
deposited in the game and fish fund for improvement, enhancement, or protection of fish
and wildlife resources under paragraph (e) must be allocated for field operations.
4.3(g) The commissioner shall deposit the revenues, including interest and penalties,
4.4derived from the taxes imposed in section 297A.815, in the state treasury, and credit
4.5them as follows:
4.6(1) 50 percent to the greater Minnesota transit account; and
4.7(2) 50 percent to the county state-aid highway fund. Notwithstanding any other law
4.8to the contrary, the commissioner of transportation shall allocate the funds transferred
4.9under this clause to the counties in the metropolitan area, as defined in section 473.121,
4.10subdivision 4, excluding the counties of Hennepin and Ramsey, so that each county shall
4.11receive of such amount the percentage that its population, as defined in section 477A.011,
4.12subdivision 3, estimated or established by July 15 of the year prior to the current calendar
4.13year, bears to the total population of the counties receiving funds under this clause.
4.14EFFECTIVE DATE.This section is effective July 1, 2009, except that for fiscal
4.15years 2010 and 2011, the amount under paragraph (g), must be calculated using the
4.16following percentages of the total revenues: (1) for fiscal year 2010, 83.75 percent; and
4.17(2) for fiscal year 2011, 93.75 percent.
Page 32, line 2, after "subdivisions
" insert "6b,
Page 32, line 3, after "290.091
" insert ", subdivisions 1, 2, 3, 4, 5, and 6
Page 32, after line 10 insert:
"(c) Minnesota Statutes 2008, section 297A.815, subdivision 3, is repealed.
Page 32, line 12, before the period insert "except the repeal of section 290.091,
4.23subdivision 6, is effective for taxable years beginning after December 31, 2010
Page 32, line 13, after the period insert "Paragraph (b) is effective July 1, 2009.
Renumber the sections in sequence and correct the internal references
Amend the title accordingly