1.1 	A bill for an act
1.2 	relating to taxation; providing a tax on interest rates over 15 percent;proposing 
1.3 	coding for new law in Minnesota Statutes, chapter 290.
1.4 	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.5 	Section 1. [290.094] INTEREST RATE TAX.
1.6 	Any person conducting a trade or business in this state and subject to tax under this 
1.7 	chapter who engages in the business of making loans of money, credit, or goods and who 
1.8 	charges interest on the loans shall be subject to a tax of 30 percent of the interest earned 
1.9 	in excess of 15 percent of the principal balance, in addition to the tax liability imposed 
1.10 	by this chapter.

1.11 	EFFECTIVE DATE. This section is effective for taxable years beginning after 
1.12 	December 31, 2008.