Amends Minnesota Statutes 287.22 to exempt marriage dissolution decrees or deeds or other instruments between the parties to the dissolution resulting from the dissolution from the deed tax. Effective for decrees of marriage dissolution, deeds, or other instruments executed and delivered after July 1, 1997. Amends Minnesota Statutes 287.31, subd. The penalty may be abated for reasonable cause. In addition, language is stricken which appears to limit this penalty to situations involving noncompliance with the documentary stamp procedures.
Most counties currently use a receipt system rather than the actual documentary stamps.
Effective for deeds executed and delivered after June 30, 1997. Adds a new section of law codified as Minnesota Statutes 287.13, subdivisions 1 and 2 to the mortgage registry tax statutes in order to provide symmetry with the deed tax. It also adds two civil penalties. The penalty may be abated for reasonable cause. The second penalty is 50 percent of the underpayment for those situations in which there was a willful attempt to evade the tax.