as introduced - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am
A bill for an act
relating to taxation; income taxes; providing a credit for contributions to the
State Capitol restoration; appropriating money; proposing coding for new law in
Minnesota Statutes, chapter 290.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
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An individual or corporate taxpayer is allowed
a credit against the tax due under this chapter equal to the amount the taxpayer has
contributed to the state for restoration and renovation of the State Capitol.
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If the amount of the credit, which the taxpayer is
eligible to receive under this section exceeds the taxpayer's tax liability for tax under this
chapter, the commissioner must refund the excess to the taxpayer.
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An amount sufficient to pay the refunds required by this
section is appropriated to the commissioner from the general fund.
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This section is effective for taxable years beginning after
December 31, 2007.
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