SF 2580

Introduction - 94th Legislature (2025 - 2026)

Posted on 07/18/2025 02:41 p.m.

A bill for an act
relating to taxation; individual income; requiring correction of certain errors
regarding the taxable year to which a deductible contribution is attributed.

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

Section 1. new text begin CORRECTION OF ERRORS; CERTAIN RETIREMENT
CONTRIBUTIONS.
new text end

new text begin An annuity contract provider that receives a contribution from an individual to an
individual retirement plan on an annuity contract no later than the time prescribed by law
under section 219(f)(3) of the Internal Revenue Code, must treat the contribution as having
been made on account of the preceding taxable year. This section applies only if the annuity
contract provider receives notification from the individual indicating the tax year designation
for the contribution within three years from the original due date for filing the return for
that taxable year.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This provision is effective retroactively for notifications for
contributions made in 2023 only.
new text end