Minnesota Legislature
HF 2850
as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am
Bill Text Versions
| Engrossments | ||
|---|---|---|
| Introduction | Posted on 02/16/2006 |
Current Version - as introduced
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2.3 2.4
A bill for an act
relating to taxes; individual income; increasing the alternative minimum tax
exemption amounts and phaseout thresholds; amending Minnesota Statutes 2004,
section 290.091, subdivision 3.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Section 1.
Minnesota Statutes 2004, section 290.091, subdivision 3, is amended to read:
Subd. 3.
Exemption amount.
new text begin (a) new text end For purposes of computing the alternative
minimum tax, the exemption amount isnew text begin :
new text end
new text begin (1) for taxable years beginning before January 1, 2006,new text end the exemption determined
under section 55(d) of the Internal Revenue Code, as amended through December 31,
1992new text begin ; and
new text end
new text begin
(2) for taxable years beginning after December 31, 2005, $60,000 for married
couples filing joint returns, $30,000 for married individuals filing separate returns, estates,
and trusts, and $45,000 for unmarried individuals.
new text end
new text begin (b) The exemption amount determined under this subdivision is subject to the phase
out under section 55(d)(3) of the Internal Revenue Codenew text end , except that alternative minimum
taxable income as determined under this section must be substituted in the computation
of the phase out deleted text begin under section 55(d)(3)deleted text end .
new text begin
(c) For taxable years beginning after December 31, 2006, 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, 2005, and ending August 31, 2006, as the
base year for adjusting for inflation for the tax year beginning after December 31, 2006.
The determination of the commissioner under this subdivision is not a rule under the
Administrative Procedure Act.
new text end
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective for taxable years beginning after
December 31, 2005.
new text end