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CCP 02-27-1995
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CCP 02-27-1995
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<br /> , <br /> . . I <br /> MINNESOTA Department of Revenue GOVERNOR'S INITIATIVE Bn..L <br /> ---.. - -.. -----.. ----~._._+-+- . <br /> General Fund <br /> Revenue Gain or (Lossl: e. <br /> F.Y: 1996: $0,0 Million <br /> F,Y, 1997: $20,8 Million <br /> Biennium: $20,8 Million . <br /> February 9, 1995 <br /> F.Y, 1998: $32,9 Million <br /> F,Y, 1999: $339 Million . <br /> Biennium: $66,8 Million <br /> Local Government Trust Fund I <br /> Revenue Gain or (Loss): <br /> Department of Revenue <br /> Analysis of Governor's Initiative Bill F,Y, 1996: $55,7 Million . <br /> F,Y, 1997: $0,0 Million <br /> Biennium: $55,7 Million <br /> F,y' 1998: $0,0 Million . <br /> F,Y, 1999: $00 Million <br /> Biennium: $0,0 Million I <br /> REVENUE ANALYSIS SUMMARY <br /> The revenue impact from the provisions in this bill are shown below, Per current law, the local government trust fund is .. <br /> eliminated beginning with F,Y, 1997. A section by section explanation of the entire bill is attached, The increase in <br /> revenues is due to expenditure reductions, I <br /> FY 1996 FY 1997 FY 1998 FY 1999 <br /> ($ Millions) I <br /> Article 1 <br /> Sections 1, 2, and 5 . <br /> Repeals the political contribution <br /> refund effective 7/1/95. $1.3 $3.4 $2,6 $3,6 . <br /> Section 3 <br /> Adopts refundable 10% income tax credit . <br /> ($500 maximum) for purchases of feedlot <br /> pollution control or conservation tillage . <br /> equipment effective for tax years beginning <br /> after 1213 1/94, (1.0) (1.0) (1.0) (1.0) <br /> Section 4 . <br /> Makes the sales tax exemption for used <br /> farm machinery permanent, effective 7/1195, (I.. . <br /> General Fund (0.3) (1.6) (1.7) <br /> LGTF (1.3) (0,0) (0,0) (0,0) <br /> An "IUAJ opportunity employ<r TDO: (612) 297.2196 . <br />
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