HF 2490

as introduced - 92nd Legislature (2021 - 2022) Posted on 04/09/2021 11:30am

A bill for an act
relating to taxation; providing a onetime individual income tax subtraction for
certain unemployment compensation payments.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1. new text begin ONETIME INDIVIDUAL INCOME TAX SUBTRACTION FOR
CERTAIN UNEMPLOYMENT COMPENSATION PAYMENTS.
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new text begin Subdivision 1. new text end

new text begin Definitions. new text end

new text begin For purpose of this section:
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new text begin (1) "subtraction" has the meaning provided in Minnesota Statutes, section 290.0132,
subdivision 1; and
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new text begin (2) "adjusted gross income" has the meaning provided in Minnesota Statutes, section
290.01, subdivision 21a.
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new text begin Subd. 2. new text end

new text begin Subtraction allowed. new text end

new text begin For taxable years beginning after December 31, 2019,
and before January 1, 2021, the amount of unemployment compensation received by an
individual under section 2104 of Public Law 116-136, up to $10,200, is a subtraction. The
subtraction is reduced, but not less than zero, by $1 for every $4 of adjusted gross income
over:
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new text begin (1) $150,000 for married couples filing a joint return or surviving spouses;
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new text begin (2) $112,500 for head of household filers; and
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new text begin (3) $75,000 for all other filers.
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new text begin EFFECTIVE DATE. new text end

new text begin This section is effective retroactively for taxable years beginning
after December 31, 2019, and before January 1, 2021.
new text end