Bill Text: MN HF67 | 2011-2012 | 87th Legislature | Introduced
Bill Title: General fund expenditures limited in the 2012-2013 biennium to forecasted revenues, and use specified for any forecasted increases in revenues above the level of revenues forecasted for the 2010-2011 biennium.
Sponsorship: Partisan Bill (Republican 13)
Status: (Introduced - Dead) 2012-01-24 - Author added Scott [HF67 Detail]
Download: Minnesota-2011-HF67-Introduced.html
1.2relating to the state budget; limiting general fund expenditures in the 2012-2013
1.3biennium to forecasted revenues; specifying the use of any forecasted increases
1.4in revenues above the level of revenues forecasted for the 2010-2011 biennium.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. LIVE WITHIN OUR MEANS BUDGET.
1.7Notwithstanding any law to the contrary, a budget proposed by the governor under
1.8Minnesota Statutes, section 16A.11, and any budget enacted for the biennium ending
1.9June 30, 2013, must limit general fund expenditures to the amount of general fund
1.10revenue projected in the November 2010 forecast for that biennium. Sixty percent of the
1.11forecasted growth in general fund revenues for the biennium ending June 30, 2013, over
1.12the forecasted revenues for the biennium ending June 30, 2011, may be used for general
1.13fund expenditures. Any distribution of the remaining 40 percent of the forecasted growth
1.14in revenues must be limited to the following amounts and purposes:
1.15(1) ten percent may be used to increase the Angel Investment Credit under Minnesota
1.16Statutes, sections 116J.8737 and 290.0692;
1.17(2) 45 percent may be used to reduce the corporate tax rate under Minnesota
1.18Statutes, section 290.06, subdivision 1; and
1.19(3) 45 percent may be used to allow a subtraction for a percentage of the net income
1.20derived from the conduct of an active business operated as an S corporation, partnership,
1.21or limited liability company taxed on a pass-through basis.
1.22EFFECTIVE DATE.This act is effective the day following final enactment.
1.3biennium to forecasted revenues; specifying the use of any forecasted increases
1.4in revenues above the level of revenues forecasted for the 2010-2011 biennium.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. LIVE WITHIN OUR MEANS BUDGET.
1.7Notwithstanding any law to the contrary, a budget proposed by the governor under
1.8Minnesota Statutes, section 16A.11, and any budget enacted for the biennium ending
1.9June 30, 2013, must limit general fund expenditures to the amount of general fund
1.10revenue projected in the November 2010 forecast for that biennium. Sixty percent of the
1.11forecasted growth in general fund revenues for the biennium ending June 30, 2013, over
1.12the forecasted revenues for the biennium ending June 30, 2011, may be used for general
1.13fund expenditures. Any distribution of the remaining 40 percent of the forecasted growth
1.14in revenues must be limited to the following amounts and purposes:
1.15(1) ten percent may be used to increase the Angel Investment Credit under Minnesota
1.16Statutes, sections 116J.8737 and 290.0692;
1.17(2) 45 percent may be used to reduce the corporate tax rate under Minnesota
1.18Statutes, section 290.06, subdivision 1; and
1.19(3) 45 percent may be used to allow a subtraction for a percentage of the net income
1.20derived from the conduct of an active business operated as an S corporation, partnership,
1.21or limited liability company taxed on a pass-through basis.
1.22EFFECTIVE DATE.This act is effective the day following final enactment.
