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).

Full Bill Text

Vetoed by Governor Tim Pawlenty

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).

Full Bill Text

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).

Full Bill Text