1.1 	A bill for an act
1.2 	relating to taxation; individual income; requiring retirement account administrators 
1.3 	to promptly correct an erroneous tax form;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. [290.261] RETIREMENT ACCOUNT TRUSTEES REQUIRED TO 
1.7 	FURNISH CORRECTED FORMS.
1.8 	(a) A retirement plan administrator that issues an Internal Revenue Service Form 5498, 
1.9 	or any similar form documenting a retirement account contribution, that contains inaccurate 
1.10 	information about the contribution must:
1.11 	(1) promptly issue a corrected form to the individual who made the contribution; and
1.12 	(2) notify the Internal Revenue Service of the error and corrected form.
1.13 	(b) For the purposes of this section, "retirement plan administrator" means a Minnesota 
1.14 	trustee of an individual retirement account under section 408 of the Internal Revenue Code.

1.15 	EFFECTIVE DATE. This section is effective the day following final enactment.