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MN HF2277
Bill
Status
4/6/2009
Primary Sponsor
Julie Bunn
Click for details
AI Summary
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Creates a capital gains volatility reduction account in the general fund to manage fluctuations in capital gains tax revenue.
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Requires the commissioner of finance to estimate beginning with the November 2009 economic forecast and for each subsequent forecast the percentage of individual income tax revenues from capital gains taxation for the current and next biennium, the preceding five fiscal years, and the five-year average.
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Directs the commissioner to transfer to the capital gains volatility account any amount exceeding $5,000,000 when capital gains tax revenues exceed the five-year average in any fiscal year in the current or next biennium.
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Requires the commissioner to transfer from the capital gains volatility account back to the general fund any amount exceeding $5,000,000 when capital gains tax revenues fall below the five-year average in any fiscal year.
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Takes effect the day following final enactment.
Legislative Description
Capital gains volatility reduction account established, and commissioner of finance directed to adjust amounts in the account based on forecasts of individual income tax revenue resulting from taxation of capital gains income in comparison to a five-year average.
Last Action
House: Recalled by Chair State Government Finance Division
4/14/2009