HF 3804

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

  1.1                          A bill for an act 
  1.2             relating to taxation; increasing the exemption amount 
  1.3             for the individual alternative minimum tax; amending 
  1.4             Minnesota Statutes 1998, section 290.091, subdivision 
  1.5             3. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 1998, section 290.091, 
  1.8   subdivision 3, is amended to read: 
  1.9      Subd. 3.  [EXEMPTION AMOUNT.] For purposes of computing the 
  1.10  alternative minimum tax, the exemption amount is the exemption 
  1.11  determined under section 55(d) of the Internal Revenue Code, as 
  1.12  amended through December 31, 1992 1999, except that alternative 
  1.13  minimum taxable income as determined under this section must be 
  1.14  substituted in the computation of the phase out under section 
  1.15  55(d)(3). 
  1.16     Sec. 2.  [EFFECTIVE DATE.] 
  1.17     Section 1 is effective for taxable years beginning after 
  1.18  December 31, 1999.