Vetoed by Governor Tim Pawlenty

Vote Smart's Synopsis:

Vote to adopt a conference report that reduces Minnesota's shortfall for fiscal year 2010-2011.

Highlights:

-Lowers school districts' aid entitlement payment percentage for the current fiscal year from 90 to 73 percent (Art. 1). -Reestablishes the levy recognition shift, and sets the shift percentage at 49.1 percent for fiscal years 2010 and later (Art. 1). -Increases taxes on individual income and alcohol, places a new surtax on certain interest income, and appropriates $4.66 million for tax compliance and debt collection initiatives (Art. 3). -Allows qualifying taxpayers a 25-percent investment tax credit for investments of at least $12,500 in qualified new business ventures (Art. 3). -Levies $10.67 tax per 31-gallon barrel on fermented malt beverages containing less than 3.2 percent alcohol, $12.87 tax per 31-gallon barrel on fermented malt beverages containing more than 3.2 percent alcohol by weight. For fractions of a barrel, the tax rate is calculated proportionally (Art. 3, Sec. 12).

Full Bill Text

Full Bill Text