as introduced - 92nd Legislature (2021 - 2022) Posted on 02/10/2022 03:54pm
Engrossments | ||
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Introduction | Posted on 01/24/2022 |
A bill for an act
relating to taxation; individual income; allowing a temporary subtraction for
unemployment benefits.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
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(a) For the purposes of this section the following terms having the meanings given:
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(1) "subtraction" has the meaning given in Minnesota Statutes, section 290.0132,
subdivision 1; and
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(2) "unemployment compensation" has the meaning given in section 85(b) of the Internal
Revenue Code.
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(b) For taxable years beginning after December 31, 2020, and before January 1, 2022,
an individual taxpayer is allowed a subtraction equal to the amount of unemployment
compensation received in the taxable year, subject to the limit in paragraphs (c) and (d).
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(c) The subtraction is limited to $10,200, except for a joint return the subtraction is
limited to $10,200 in unemployment compensation received by each spouse.
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(d) The limit in paragraph (c) is reduced by five percent of adjusted gross income in
excess of:
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(1) $150,000 for a joint return; or
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(2) $75,000 for all other filers.
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In no case is the limit less than $0.
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This section is effective retroactively for taxable years beginning
after December 31, 2020, and before January 1, 2022.
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