Loading chat...
MN HF3038
Bill
Status
4/30/2012
Primary Sponsor
Karen Clark
Click for details
AI Summary
-
Increases liquor retailer gross receipts tax from 2.5 percent to 3.5 percent, effective June 30, 2012
-
Authorizes Minnesota Housing Finance Agency to issue up to $400,000,000 in housing infrastructure bonds to finance supportive housing, foreclosed/abandoned property rehabilitation, community land trust acquisitions, and federally assisted rental housing
-
Establishes housing infrastructure bond account within the housing development fund to hold bond proceeds and state payments
-
Requires state to transfer annually up to $30,000,000 from general fund (or the additional liquor tax revenue, whichever is less) each July 15 from 2013 through 2035 to cover debt service on issued bonds
-
Specifies bonds are not backed by state's full faith and credit and must contain conspicuous disclaimer to that effect
Legislative Description
Liquor gross receipt taxes amended, housing infrastructure bonds authorized, and money appropriated.
Last Action
Introduction and first reading, referred to Taxes
4/30/2012