Bill Text: MN HF3038 | 2011-2012 | 87th Legislature | Introduced
Bill Title: Liquor gross receipt taxes amended, housing infrastructure bonds authorized, and money appropriated.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Introduced - Dead) 2012-04-30 - Introduction and first reading, referred to Taxes [HF3038 Detail]
Download: Minnesota-2011-HF3038-Introduced.html
1.2relating to state government; authorizing housing infrastructure bonds; amending
1.3liquor gross receipts taxes; appropriating money;amending Minnesota Statutes
1.42010, sections 295.75, subdivision 2; 462A.21, by adding a subdivision;
1.5proposing coding for new law in Minnesota Statutes, chapter 462A.
1.6BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.7 Section 1. Minnesota Statutes 2010, section 295.75, subdivision 2, is amended to read:
1.8 Subd. 2. Gross receipts tax imposed. A tax is imposed on each liquor retailer equal
1.9to2.5 3.5 percent of gross receipts from retail sales in Minnesota of liquor.
1.10EFFECTIVE DATE.This section is effective June 30, 2012.
1.11 Sec. 2. Minnesota Statutes 2010, section 462A.21, is amended by adding a subdivision
1.12to read:
1.13 Subd. 33. Housing infrastructure bond account. The agency may establish a
1.14housing infrastructure bond account as a separate account within the housing development
1.15fund. Proceeds of housing infrastructure bonds and payments made by the state under
1.16section 462A.37 may be credited to the account. The agency may transfer the proceeds of
1.17housing infrastructure bonds to other accounts within the housing development fund that it
1.18determines appropriate to accomplish the purposes for which the bonds are authorized
1.19under section 462A.37.
1.20EFFECTIVE DATE.This section is effective the day following final enactment.
1.21 Sec. 3. [462A.37] HOUSING INFRASTRUCTURE BONDS; AUTHORIZATION;
1.22STANDING APPROPRIATION.
2.1 Subdivision 1. Definitions. (a) For purposes of this section, the following terms
2.2have the meanings given.
2.3(b) "Abandoned property" has the meaning given in section 117.025, subdivision 5.
2.4(c) "Community land trust" means an entity that meets the requirements of section
2.5462A.31, subdivisions 1 and 2.
2.6(d) "Debt service" means the amount payable in any fiscal year of principal,
2.7premium, if any, and interest on housing infrastructure bonds and the fees, charges, and
2.8expenses related to the bonds.
2.9(e) "Foreclosed property" means residential property where foreclosure proceedings
2.10have been initiated or have been completed and title transferred or where title is transferred
2.11in lieu of foreclosure.
2.12(f) "Housing infrastructure bonds" means bonds issued by the agency under chapter
2.13462A that are qualified 501(c)(3) bonds, within the meaning of section 145(a) of the
2.14Internal Revenue Code, or are tax-exempt bonds that are not private activity bonds, within
2.15the meaning of section 141(a) of the Internal Revenue Code, for the purpose of financing
2.16or refinancing affordable housing authorized under this chapter.
2.17(g) "Internal Revenue Code" means the Internal Revenue Code of 1986, as amended.
2.18(h) "Supportive housing" means housing that is not time-limited and provides or
2.19coordinates with linkages to services necessary for residents to maintain housing stability
2.20and maximize opportunities for education and employment.
2.21 Subd. 2. Authorization. (a) The agency may issue up to $400,000,000 in aggregate
2.22principal amount of housing infrastructure bonds in one or more series to which the
2.23payment made under this section may be pledged. The housing infrastructure bonds
2.24authorized in this subdivision may be issued to fund loans, on terms and conditions the
2.25agency deems appropriate, made for one or more of the following purposes:
2.26(1) to finance the costs of the construction, acquisition, and rehabilitation of
2.27supportive housing for individuals and families who are without a permanent residence;
2.28(2) to finance the costs of the acquisition and rehabilitation of foreclosed or
2.29abandoned housing to be used for affordable rental housing and the costs of new
2.30construction of rental housing on abandoned or foreclosed property where the existing
2.31structures will be demolished or removed;
2.32(3) to finance that portion of the costs of acquisition of abandoned or foreclosed
2.33property that is attributable to the land to be leased by community land trusts to low-
2.34and moderate-income homebuyers; and
2.35(4) to finance the costs of acquisition and rehabilitation of federally assisted rental
2.36housing and for the refinancing of costs of the construction, acquisition, and rehabilitation
3.1of federally assisted rental housing, including providing funds to refund, in whole or in
3.2part, outstanding bonds previously issued by the agency or another governmental unit to
3.3finance or refinance such costs.
3.4(b) Among comparable proposals for permanent supportive housing, preference
3.5shall be given to permanent supportive housing for individuals or families who: (1) either
3.6have been without a permanent residence for at least 12 months or at least four times in
3.7the last three years; or (2) are at significant risk of lacking a permanent residence for 12
3.8months or at least four times in the last three years.
3.9 Subd. 3. No full faith and credit. The housing infrastructure bonds are not public
3.10debt of the state, and the full faith and credit and taxing powers of the state are not pledged
3.11to the payment of the housing infrastructure bonds or to any payment that the state agrees
3.12to make under this section. The bonds must contain a conspicuous statement to that effect.
3.13 Subd. 4. Appropriation; payment to agency or trustee. (a) The agency must
3.14certify annually to the commissioner of management and budget the actual amount of
3.15annual debt service on each series of bonds issued under subdivision 2.
3.16(b) Each July 15, beginning in 2013 and through 2035, if any housing infrastructure
3.17bonds issued under subdivision 2 remain outstanding, the commissioner of management
3.18and budget must transfer to the affordable housing bond account established under section
3.19462A.21, subdivision 33, the amount certified under paragraph (a), not to annually exceed
3.20the lesser of (1) $30,000,000, or (2) the additional revenue attributable to the change to
3.21section 295.75, subdivision 2, made in section 1. The amounts necessary to make the
3.22transfers are appropriated from the general fund to the commissioner of management
3.23and budget.
3.24(c) The agency may pledge to the payment of the housing infrastructure bonds the
3.25payments to be made by the state under this section.
3.26EFFECTIVE DATE.This section is effective the day following final enactment.
1.3liquor gross receipts taxes; appropriating money;amending Minnesota Statutes
1.42010, sections 295.75, subdivision 2; 462A.21, by adding a subdivision;
1.5proposing coding for new law in Minnesota Statutes, chapter 462A.
1.6BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.7 Section 1. Minnesota Statutes 2010, section 295.75, subdivision 2, is amended to read:
1.8 Subd. 2. Gross receipts tax imposed. A tax is imposed on each liquor retailer equal
1.9to
1.10EFFECTIVE DATE.This section is effective June 30, 2012.
1.11 Sec. 2. Minnesota Statutes 2010, section 462A.21, is amended by adding a subdivision
1.12to read:
1.13 Subd. 33. Housing infrastructure bond account. The agency may establish a
1.14housing infrastructure bond account as a separate account within the housing development
1.15fund. Proceeds of housing infrastructure bonds and payments made by the state under
1.16section 462A.37 may be credited to the account. The agency may transfer the proceeds of
1.17housing infrastructure bonds to other accounts within the housing development fund that it
1.18determines appropriate to accomplish the purposes for which the bonds are authorized
1.19under section 462A.37.
1.20EFFECTIVE DATE.This section is effective the day following final enactment.
1.21 Sec. 3. [462A.37] HOUSING INFRASTRUCTURE BONDS; AUTHORIZATION;
1.22STANDING APPROPRIATION.
2.1 Subdivision 1. Definitions. (a) For purposes of this section, the following terms
2.2have the meanings given.
2.3(b) "Abandoned property" has the meaning given in section 117.025, subdivision 5.
2.4(c) "Community land trust" means an entity that meets the requirements of section
2.5462A.31, subdivisions 1 and 2.
2.6(d) "Debt service" means the amount payable in any fiscal year of principal,
2.7premium, if any, and interest on housing infrastructure bonds and the fees, charges, and
2.8expenses related to the bonds.
2.9(e) "Foreclosed property" means residential property where foreclosure proceedings
2.10have been initiated or have been completed and title transferred or where title is transferred
2.11in lieu of foreclosure.
2.12(f) "Housing infrastructure bonds" means bonds issued by the agency under chapter
2.13462A that are qualified 501(c)(3) bonds, within the meaning of section 145(a) of the
2.14Internal Revenue Code, or are tax-exempt bonds that are not private activity bonds, within
2.15the meaning of section 141(a) of the Internal Revenue Code, for the purpose of financing
2.16or refinancing affordable housing authorized under this chapter.
2.17(g) "Internal Revenue Code" means the Internal Revenue Code of 1986, as amended.
2.18(h) "Supportive housing" means housing that is not time-limited and provides or
2.19coordinates with linkages to services necessary for residents to maintain housing stability
2.20and maximize opportunities for education and employment.
2.21 Subd. 2. Authorization. (a) The agency may issue up to $400,000,000 in aggregate
2.22principal amount of housing infrastructure bonds in one or more series to which the
2.23payment made under this section may be pledged. The housing infrastructure bonds
2.24authorized in this subdivision may be issued to fund loans, on terms and conditions the
2.25agency deems appropriate, made for one or more of the following purposes:
2.26(1) to finance the costs of the construction, acquisition, and rehabilitation of
2.27supportive housing for individuals and families who are without a permanent residence;
2.28(2) to finance the costs of the acquisition and rehabilitation of foreclosed or
2.29abandoned housing to be used for affordable rental housing and the costs of new
2.30construction of rental housing on abandoned or foreclosed property where the existing
2.31structures will be demolished or removed;
2.32(3) to finance that portion of the costs of acquisition of abandoned or foreclosed
2.33property that is attributable to the land to be leased by community land trusts to low-
2.34and moderate-income homebuyers; and
2.35(4) to finance the costs of acquisition and rehabilitation of federally assisted rental
2.36housing and for the refinancing of costs of the construction, acquisition, and rehabilitation
3.1of federally assisted rental housing, including providing funds to refund, in whole or in
3.2part, outstanding bonds previously issued by the agency or another governmental unit to
3.3finance or refinance such costs.
3.4(b) Among comparable proposals for permanent supportive housing, preference
3.5shall be given to permanent supportive housing for individuals or families who: (1) either
3.6have been without a permanent residence for at least 12 months or at least four times in
3.7the last three years; or (2) are at significant risk of lacking a permanent residence for 12
3.8months or at least four times in the last three years.
3.9 Subd. 3. No full faith and credit. The housing infrastructure bonds are not public
3.10debt of the state, and the full faith and credit and taxing powers of the state are not pledged
3.11to the payment of the housing infrastructure bonds or to any payment that the state agrees
3.12to make under this section. The bonds must contain a conspicuous statement to that effect.
3.13 Subd. 4. Appropriation; payment to agency or trustee. (a) The agency must
3.14certify annually to the commissioner of management and budget the actual amount of
3.15annual debt service on each series of bonds issued under subdivision 2.
3.16(b) Each July 15, beginning in 2013 and through 2035, if any housing infrastructure
3.17bonds issued under subdivision 2 remain outstanding, the commissioner of management
3.18and budget must transfer to the affordable housing bond account established under section
3.19462A.21, subdivision 33, the amount certified under paragraph (a), not to annually exceed
3.20the lesser of (1) $30,000,000, or (2) the additional revenue attributable to the change to
3.21section 295.75, subdivision 2, made in section 1. The amounts necessary to make the
3.22transfers are appropriated from the general fund to the commissioner of management
3.23and budget.
3.24(c) The agency may pledge to the payment of the housing infrastructure bonds the
3.25payments to be made by the state under this section.
3.26EFFECTIVE DATE.This section is effective the day following final enactment.
