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MN HF3944
Bill
Status
3/3/2022
Primary Sponsor
Julie Sandstede
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AI Summary
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Utilities must calculate and disclose to customers by July 1, 2022, the incremental natural gas costs incurred during the critical period of February 12-17, 2021, based on the difference between spot market prices and baseline prices.
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Individual income taxpayers are eligible for a refundable tax credit equal to their disclosed excess energy costs, with credits for partnerships, LLCs, and S corporations passed through pro rata to owners.
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The commissioner of commerce may rebate municipal utilities up to $35,000,000 in fiscal year 2023 for incremental costs paid from reserve revenues, minus amounts already recovered from customers.
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A polar vortex restitution account is established to distribute unspecified grant funds from the general fund to public utilities to mitigate price impacts on customers who received natural gas service during the critical period.
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The tax credit is effective retroactively for taxable years beginning after December 31, 2020, and before January 1, 2022.
Legislative Description
Polar Vortex of February 2021; refundable individual income tax credit for excess energy cost due to extreme cold weather allowed, utilities required to disclose information, grants to public utilities provided, and money appropriated.
Last Action
Committee report, to adopt as amended and re-refer to Taxes
3/30/2022