§ 296A.083 — DEBT SERVICE SURCHARGE

Minnesota § 296A.083

• Jurisdiction: Minnesota
• Part: EXCISE AND SALES TAXES
• Ch. 296A: TAX ON PETROLEUM AND OTHER FUELS

Text

Subdivision 1.Definitions.
For purposes of this section, the following terms have the meanings given them:
(1) "debt service" means the amount of principal and interest in each fiscal year attributable to the trunk highway bonds authorized in Laws 2008, chapter 152, article 2; and
(2) "surcharge" means the rate imposed under this section on gasoline taxed under section296A.07, subdivision 3, clause (3), and includes a proportional rate for each type of fuel taxed under sections296A.07, subdivision 3, clauses (1) and (2), and296A.08, subdivision 2.

Subd. 2.Debt service forecast.
On April 1 each year, the commissioner of management and budget shall report to the commissioner of revenue on trunk highway debt service. The report must include the annual amount of revenue from the surcharge previously deposited in the trunk highway fund, and a forecast of the total and annual amounts necessary to pay the remaining debt service.

Subd. 3.Surcharge rate.
(a) By May 1 each year, the commissioner of revenue shall calculate and publish a surcharge as provided in paragraph (b). The surcharge is imposed beginning July 1 of the year it is published through June 30 of the following year.
(b) The commissioner shall set the surcharge at the lesser of (1) 3.5 cents, or (2) an amount calculated so that the total proceeds from the surcharge deposited in the trunk highway fund from fiscal year 2009 to the upcoming fiscal year equals the total amount of debt service from fiscal years 2009 to 2039, and the surcharge is rounded to the nearest 0.1 cent.

Subd. 4.Apportionment.
The surcharge under this section is subject to the apportionment provisions of section296A.18.

Legislative History

2008 c 152 art 2 s 1;2009 c 101 art 2 s 109;2011 c 112 art 9 s 1;1Sp2021 c 5 art 4 s 103;2023 c 64 art 19 s 3