HF 1087

as introduced - 81st Legislature (1999 - 2000) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to agriculture; authorizing income averaging 
  1.3             for certain farmers; proposing coding for new law in 
  1.4             Minnesota Statutes, chapter 290. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [290.033] [AVERAGING OF FARM INCOME.] 
  1.7      An individual engaged in a farming business as defined in 
  1.8   section 1301 of the Internal Revenue Code who elects to average 
  1.9   income under section 1301 of the Internal Revenue Code for 
  1.10  federal income tax purposes may elect to average income under 
  1.11  this section.  The tax imposed under section 290.06, subdivision 
  1.12  2c, shall be computed in like manner as the tax imposed under 
  1.13  section 1301 of the Internal Revenue Code, except that the tax 
  1.14  rates in section 290.06 shall apply and that references to 
  1.15  section 290.06 shall be substituted for references to "section 
  1.16  1," in section 1301 of the Internal Revenue Code. 
  1.17     Sec. 2.  [EFFECTIVE DATE.] 
  1.18     Section 1 is effective for taxable years beginning after 
  1.19  December 31, 1998.