Skip to main content Skip to office menu Skip to footer
Capital IconMinnesota Legislature
Office of the Revisor of Statutes

HF 4139

as introduced - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am

KEY: stricken = removed, old language.
underscored = added, new language.
Version List Authors and Status
Pdf Rtf

Current Version - as introduced

Line numbers 1.1 1.2 1.3 1.4 1.5
1.6 1.7 1.8 1.9 1.10 1.11 1.12 1.13 1.14 1.15 1.16 1.17 1.18 1.19 1.20 1.21 1.22 1.23 1.24
2.1 2.2

A bill for an act
 relating to taxation; allowing a nonrefundable individual income tax credit for
certain home sales; amending Minnesota Statutes 2006, section 290.06, by
adding a subdivision.

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

Section 1.

Minnesota Statutes 2006, section 290.06, is amended by adding a
subdivision to read:


new text begin Subd. 35. new text end

new text begin Credit for sale of home. new text end

new text begin (a) An individual is allowed a credit against
the tax due under this chapter equal to 25 percent of the loss on the sale of a home. The
maximum total credit allowed under this subdivision is $10,000, but the maximum that
may be used in any taxable year is $2,000.
 new text end

new text begin (b) For purposes of this subdivision, "loss on the sale of a home" means the extent to
which (i) the current year's estimated market value, as determined by the county assessor,
of a property for which the individual claimed homestead benefits under section 273.13,
subdivision 22, exceeds (ii) the sales price of the property, less any amounts paid by the
individual in fees and commissions related to the sale of the property.
 new text end

new text begin (c) If the credit allowed under this subdivision exceeds the lesser of (i) the tax
liability of the individual for the taxable year or (ii) $2,000, the excess amount of the
credit may be carried over to each of the ten taxable years succeeding the taxable year.
The entire amount of the credit must be carried to the earliest taxable year to which the
amount may be carried, but the maximum amount that is allowed in any taxable year is
$2,000. The unused portion of the credit must be carried to the following taxable year.
No credit may be carried to a taxable year more than ten years after the taxable year
in which the credit was initially allowed.
 new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for taxable years beginning after
December 31, 2007.
 new text end