Terms Used In Minnesota Statutes > Chapter 297A > LOCAL SALES AND USE TAXES

• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Chair: includes chairman, chairwoman, and chairperson. See Minnesota Statutes 645.44
• Commissioner: means the commissioner of revenue of the state of Minnesota. See Minnesota Statutes 297A.61
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Majority: means with respect to an individual the period of time after the individual reaches the age of 18. See Minnesota Statutes 645.451
• Minority: means with respect to an individual the period of time during which the individual is a minor. See Minnesota Statutes 645.451
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Minnesota Statutes 645.44
• Person: includes any individual or group and any combination of individuals, groups, or individuals and groups acting as a unit. See Minnesota Statutes 297A.61
• Personal property: All property that is not real property.
• Probate: Proving a will
• product: includes tangible personal property, services, intangibles, and digital goods, including specified digital products or other digital products, but does not include real property or services to real property. See Minnesota Statutes 297A.61
• retail sale: include the taxable services listed in paragraph (g), clause (6), items (i) to (vi) and (viii), and the provision of these taxable services, unless specifically provided otherwise. See Minnesota Statutes 297A.61
• seller: means any person making sales, leases, or rentals of personal property or services. See Minnesota Statutes 297A.61
• state: means any state of the United States, the District of Columbia, and any territory of the United States, including American Samoa, Guam, Northern Mariana Islands, Puerto Rico, and the U. See Minnesota Statutes 297A.61
• Statute: A law passed by a legislature.
• Storage: includes keeping or retaining tangible personal property in Minnesota for any purpose except sale in the regular course of business. See Minnesota Statutes 297A.61
• Summons: Another word for subpoena used by the criminal justice system.
• Tax: means any fee, charge, exaction, or assessment imposed by a governmental entity on an individual, person, entity, transaction, good, service, or other thing. See Minnesota Statutes 645.44
• Trustee: A person or institution holding and administering property in trust.
• Use: includes the exercise of a right or power incident to the ownership of any interest in tangible personal property, or services, purchased from a retailer, other than the sale of that property in the regular course of business. See Minnesota Statutes 297A.61
• Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.