HF 2437

as introduced - 92nd Legislature (2021 - 2022) Posted on 04/09/2021 12:53pm

A bill for an act
relating to taxation; income; conforming to CARES Act special rules for certain
retirement funds.

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

Section 1. new text begin SPECIAL RULES FOR CERTAIN RETIREMENT FUNDS.
new text end

new text begin Subdivision 1. new text end

new text begin Scope. new text end

new text begin This section applies for the purpose of calculating:
new text end

new text begin (1) net income, as defined in Minnesota Statutes, section 290.01, subdivision 19;
new text end

new text begin (2) income, as defined in Minnesota Statutes, section 290.0674, subdivision 2a;
new text end

new text begin (3) alternative minimum taxable income, as defined in Minnesota Statutes, section
290.091, subdivision 2;
new text end

new text begin (4) alternative minimum taxable net income, as defined in Minnesota Statutes, section
290.0921, subdivision 2; and
new text end

new text begin (5) income, as defined in Minnesota Statutes, section 290A.03, subdivision 3.
new text end

new text begin Subd. 2. new text end

new text begin Special rules for use of retirement funds; temporary waiver of required
minimum distributions. new text end

new text begin "Internal Revenue Code" has the meaning given in Minnesota
Statutes, section 290.01, subdivision 31, as amended through the date specified in that
subdivision, but including the following amendments providing for exclusion from gross
income under sections 2202 and 2203 of the CARES Act, Public Law 116-136.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective retroactively at the same time the
provisions of federal law specified in subdivision 2 were effective for federal purposes.
new text end