WE TRACK THOUSANDS OF POLITICIANS EACH AND EVERY DAY!

Their Biographies, Issue Positions, Voting Records, Public Statements, Ratings and their Funders.

HF 885 - Tax Law Amendments - Minnesota Key Vote

Stage Details

See How Your Politicians Voted

Title: Tax Law Amendments

Vote Smart's Synopsis:

Vote to increase personal income taxes and alcoholic beverage taxes, and to establish a surtax on credit interest, and appropriate State funds for tax collection.

Highlights:

-Increases ceilings for taxable net income and creates a fourth tax bracket in the following areas: 9 percent for married taxpayers making $250,000 a year and higher; 9 percent for unmarried taxpayers making $141,250 and higher; and 9 percent for unmarried taxpayers who claim head-of-household making $212,500 higher (Sec. 1). -Requires that credit card companies and other businesses that charge interest on loans and credit transactions to pay a surtax on each transaction, as well as a surtax of 30 percent on all interest collected annually (Sec. 3). -Increases the tax on liquor retailer receipts from 2.5 percent to 5 percent (Sec. 4). -Increases individual excise taxes on certain types of alcoholic beverages, including liqueurs, wine, and cider (Sec. 5). -Creates accounts for E-12 Education, Nursing Home and Long Term Care, and Hospitals within the General Fund and allocates $986 million in transferred funds to said accounts for the 2010-2011 biennium and $1 billion in transferred funds to said accounts for the 2012-2013 biennium (Sec. 7, 8). -Appropriates $1.19 million in the first year and $2.35 million in the second year to the commissioner of revenue in order to collect unpaid taxes owed by individuals and businesses (Sec. 9).

NOTE: A TWO-THIRDS MAJORITY OF ELECTED LEGISLATORS IS REQUIRED TO OVERRIDE A GOVERNOR'S VETO.

See How Your Politicians Voted

Title: Tax Law Amendments

Vote Smart's Synopsis:

Vote to increase personal income taxes and alcoholic beverage taxes, and to establish a surtax on credit interest, and appropriate State funds for tax collection.

Highlights:

-Increases ceilings for taxable net income and creates a fourth tax bracket in the following areas: 9 percent for married taxpayers making $250,000 a year and higher; 9 percent for unmarried taxpayers making $141,250 and higher; and 9 percent for unmarried taxpayers who claim head-of-household making $212,500 higher (Sec. 1). -Requires that credit card companies and other businesses that charge interest on loans and credit transactions to pay a surtax on each transaction, as well as a surtax of 30 percent on all interest collected annually (Sec. 3). -Increases the tax on liquor retailer receipts from 2.5 percent to 5 percent (Sec. 4). -Increases individual excise taxes on certain types of alcoholic beverages, including liqueurs, wine, and cider (Sec. 5). -Creates accounts for E-12 Education, Nursing Home and Long Term Care, and Hospitals within the General Fund and allocates $986 million in transferred funds to said accounts for the 2010-2011 biennium and $1 billion in transferred funds to said accounts for the 2012-2013 biennium (Sec. 7, 8). -Appropriates $1.19 million in the first year and $2.35 million in the second year to the commissioner of revenue in order to collect unpaid taxes owed by individuals and businesses (Sec. 9).

See How Your Politicians Voted

Title: Tax Law Amendments

Vote Smart's Synopsis:

Vote to increase personal income taxes and alcoholic beverage taxes, and to establish a surtax on credit interest, and appropriate State funds for tax collection.

Highlights:

-Increases ceilings for taxable net income and creates a fourth tax bracket in the following areas: 9 percent for married taxpayers making $250,000 a year and higher; 9 percent for unmarried taxpayers making $141,250 and higher; and 9 percent for unmarried taxpayers who claim head-of-household making $212,500 higher (Sec. 1). -Requires that credit card companies and other businesses that charge interest on loans and credit transactions to pay a surtax on each transaction, as well as a surtax of 30 percent on all interest collected annually (Sec. 3). -Increases the tax on liquor retailer receipts from 2.5 percent to 5 percent (Sec. 4). -Increases individual excise taxes on certain types of alcoholic beverages, including liqueurs, wine, and cider (Sec. 5). -Creates accounts for E-12 Education, Nursing Home and Long Term Care, and Hospitals within the General Fund and allocates $986 million in transferred funds to said accounts for the 2010-2011 biennium and $1 billion in transferred funds to said accounts for the 2012-2013 biennium (Sec. 7, 8). -Appropriates $1.19 million in the first year and $2.35 million in the second year to the commissioner of revenue in order to collect unpaid taxes owed by individuals and businesses (Sec. 9).

arrow_upward