Legislative Session number- 86

Bill Name: SF3032

Relating to taxation

ARTICLE 1 - INDIVIDUAL INCOME AND CORPORATE FRANCHISE
TAXES

Making changes to various income tax provisions; reducing
the
corporate tax rate

ARTICLE 2 - FEDERAL UPDATE

Providing updates to the
federal internal revenue code; modifying carryback or carryover
adjustment

ARTICLE 3 - ANGEL INVESTMENT TAX CREDIT

Authorizing and
providing for an angel investment tax
credit; specifying requirements;
providing for certification of small
businesses, qualified taxpayers and
qualified angel investment network funds; specifying reporting
requirements

ARTICLE 4 - MINNESOTA BUSINESS INVESTMENT COMPANY
CREDIT

Authorizing and providing for a Minnesota business investment company
credit; specifying requirements; providing for aggregate limitations on
investment credits; specifying requirements for continuance of certification;
specifying reporting requirements; requiring
reports

ARTICLE 5 -
TECHZ

Establishing and providing for the TECHZ business economic development
program; providing subsidies, tax exemptions and incentives, tax credits and
audits

ARTICLE 6 - PROPERTY TAXES, AIDS AND PAYMENTS

Providing property
tax reductions, a charter school tax exemption, credit reductions, additional
2010 local government aid (LGA) and aid reductions; repealing aid
adjustments

ARTICLE 7 - REFUNDS

Eliminating the political contribution
refund; reducing property taxes; repealing spending limit agreement refund
receipt forms and political contributions refunds

ARTICLE 8 -
MISCELLANEOUS

Providing a penalty for taxpayers failing to produce records;
requiring a fee charge for tax payment agreements; lowering the minimum tax
return preparation requirement for electronic filing by tax preparers; repealing
the special timing account
(rt)