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HF 1511

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

KEY: stricken = removed, old language.
underscored = added, new language.
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Engrossments
Introduction Posted on 02/28/2007

Current Version - as introduced

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A bill for an act
 relating to taxes; individual income; increasing the exemption amount for the
alternative minimum tax; amending Minnesota Statutes 2006, section 290.091,
subdivision 3.

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

Section 1.

Minnesota Statutes 2006, section 290.091, subdivision 3, is amended to read:


Subd. 3.

Exemption amount.

(a) For purposes of computing the alternative
minimum tax, the exemption amount is:

(1) for taxable years beginning before January 1, 2006, the exemption determined
under section 55(d) of the Internal Revenue Code, as amended through December 31,
1992; and

(2) for taxable years beginning after December 31, 2005, deleted text begin $60,000deleted text end new text begin $68,000 new text end for
married couples filing joint returns, deleted text begin $30,000deleted text end new text begin $34,000 new text end for married individuals filing
separate returns, estates, and trusts, and deleted text begin $45,000deleted text end new text begin $51,000 new text end for unmarried individuals.

(b) The exemption amount determined under this subdivision is subject to the phase
out under section 55(d)(3) of the Internal Revenue Code, except that alternative minimum
taxable income as determined under this section must be substituted in the computation of
the phase out.

(c) For taxable years beginning after December 31, deleted text begin 2006deleted text end new text begin 2007new text end , the exemption
amount under paragraph (a), clause (2), must be adjusted for inflation. The commissioner
shall make the inflation adjustments in accordance with section 1(f) of the Internal
Revenue Code except that for the purposes of this subdivision the percentage increase
must be determined from the year starting September 1, deleted text begin 2005deleted text end new text begin 2006new text end , and ending August
31, deleted text begin 2006deleted text end new text begin 2007new text end , as the base year for adjusting for inflation for the tax year beginning after
December 31, deleted text begin 2006deleted text end new text begin 2007new text end . The determination of the commissioner under this subdivision
is not a rule under the Administrative Procedure Act.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for taxable years beginning after
December 31, 2006.
 new text end