Subd. 1. Governor's recommendation.

By the date specified in section 16A.11, subdivision 1 , for submission of parts one and two of the governor's budget, the governor shall submit to the legislature a recommended revenue target for the next two bienniums. The recommended revenue target must specify:

1. (1) the maximum share of Minnesota personal income to be collected in taxes and other revenues to pay for state and local government services;
2. (2) the division of the share between state and local government revenues; and
3. (3) the mix and rates of income, sales, and other state and local taxes including property taxes and other revenues. The recommendations must be based on the November forecast prepared under section 16A.103.

Subd. 2. Legislative budget resolution.

By March 15 of each odd-numbered year, the legislature shall by concurrent resolution adopt revenue targets for the next two bienniums. The resolution must specify:

1. (1) the maximum share of Minnesota personal income to be collected in taxes and other revenues to pay for state and local government services;
2. (2) the division of the share between state and local government services; and
3. (3) the mix and rates of income, sales, and other state and local taxes including property taxes and other revenues. The resolution must be based on the February forecast prepared under section 16A.103 and take into consideration the revenue targets recommended by the governor under subdivision 1.

Subd. 3. Even-numbered year and special sessions.

The governor or the legislature may elect to modify their revenue targets in a special session or an even-numbered year regular session. The requirements of subdivisions 1 and 2 apply, except that within ten days of the start of the session the dates provided in those subdivisions must be modified to be consistent with the planned date of adjournment.

Subd. 4. Reporting information.

When updated information is available at the time of a state revenue and expenditure forecast as specified in section 16A.103, subdivision 1, and after the completion of a legislative session, the Department of Finance must report on revenue relative to personal income as specified in subdivision 1.