as introduced - 92nd Legislature (2021 - 2022) Posted on 04/09/2021 11:30am
Engrossments | ||
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Introduction | Posted on 04/09/2021 |
A bill for an act
relating to taxation; providing a onetime individual income tax subtraction for
certain unemployment compensation payments.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
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For purpose of this section:
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(1) "subtraction" has the meaning provided in Minnesota Statutes, section 290.0132,
subdivision 1; and
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(2) "adjusted gross income" has the meaning provided in Minnesota Statutes, section
290.01, subdivision 21a.
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For taxable years beginning after December 31, 2019,
and before January 1, 2021, the amount of unemployment compensation received by an
individual under section 2104 of Public Law 116-136, up to $10,200, is a subtraction. The
subtraction is reduced, but not less than zero, by $1 for every $4 of adjusted gross income
over:
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(1) $150,000 for married couples filing a joint return or surviving spouses;
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(2) $112,500 for head of household filers; and
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(3) $75,000 for all other filers.
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This section is effective retroactively for taxable years beginning
after December 31, 2019, and before January 1, 2021.
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