| 1 | 1 | | 1.1 A bill for an act |
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| 2 | 2 | | 1.2 relating to taxation; proposing an amendment to the Minnesota Constitution by |
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| 3 | 3 | | 1.3 adding a section to article X; requiring that a portion of a projected budget surplus |
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| 4 | 4 | | 1.4 be returned to state taxpayers. |
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| 5 | 5 | | 1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: |
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| 6 | 6 | | 1.6 Section 1. CONSTITUTIONAL AMENDMENT PROPOSED. |
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| 7 | 7 | | 1.7 An amendment to the Minnesota Constitution is proposed to the people. If the amendment |
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| 8 | 8 | | 1.8is adopted, a section shall be added to article X, to read: |
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| 9 | 9 | | 1.9 Sec. 9. The Minnesota tax relief account is established in the state treasury. Money in |
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| 10 | 10 | | 1.10the account shall be appropriated in each biennium by law for the purposes of returning |
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| 11 | 11 | | 1.11excess tax collections to the taxpayers of this state through refunds or rebates, which shall |
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| 12 | 12 | | 1.12not be taxable under the laws of this state, or to offset the cost to the state general fund for |
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| 13 | 13 | | 1.13tax reductions. The account shall be funded by depositing in the account the amount of |
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| 14 | 14 | | 1.14projected revenues in the general fund that exceeds 105 percent of projected expenditures, |
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| 15 | 15 | | 1.15as determined in the last biennial budget forecast for the general fund in the most recently |
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| 16 | 16 | | 1.16completed calendar year. |
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| 17 | 17 | | 1.17 Sec. 2. SUBMISSION TO VOTERS. |
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| 18 | 18 | | 1.18 The proposed amendment must be submitted to the people at the 2026 general election. |
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| 19 | 19 | | 1.19The question submitted must be: |
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| 20 | 20 | | 1.20 "Shall the Minnesota Constitution be amended to create a Minnesota tax relief account |
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| 21 | 21 | | 1.21funded by the amount of projected revenues that exceed 105 percent of expenditures, that |
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| 22 | 22 | | 1.22the legislature must use to refund or reduce state taxes? |
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| 23 | 23 | | 1Sec. 2. |
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| 24 | 24 | | 25-02118 as introduced01/13/25 REVISOR EAP/VJ |
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| 25 | 25 | | SENATE |
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| 26 | 26 | | STATE OF MINNESOTA |
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| 27 | 27 | | S.F. No. 2478NINETY-FOURTH SESSION |
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| 28 | 28 | | (SENATE AUTHORS: HOUSLEY, Nelson, Weber and Drazkowski) |
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| 29 | 29 | | OFFICIAL STATUSD-PGDATE |
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| 30 | 30 | | Introduction and first reading03/13/2025 |
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| 31 | 31 | | Referred to Taxes 2.1 Yes ................... |
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| 32 | 32 | | "2.2 No .................... |
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| 33 | 33 | | 2Sec. 2. |
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| 34 | 34 | | 25-02118 as introduced01/13/25 REVISOR EAP/VJ |
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