Minnesota Legislature
HF 3139
as introduced - 93rd Legislature (2023 - 2024) Posted on 03/27/2023 01:33pm
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A bill for an act
relating to taxation; individual income; corporate franchise; requiring an addition
for certain income deducted federally; amending Minnesota Statutes 2022, sections
290.0131, by adding a subdivision; 290.0133, by adding a subdivision; 290.21,
by adding a subdivision.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Section 1.
Minnesota Statutes 2022, section 290.0131, is amended by adding a subdivision
to read:
new text begin Subd. 21. new text end
new text begin Previously taxed deferred foreign income. new text end
new text begin
The amount excluded from gross
income under section 959 of the Internal Revenue Code, because the amount was previously
included under sections 951A or 965 of the Internal Revenue Code, is an addition.
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, 2022.
new text end
Sec. 2.
Minnesota Statutes 2022, section 290.0133, is amended by adding a subdivision
to read:
new text begin Subd. 16. new text end
new text begin Previously taxed deferred foreign income. new text end
new text begin
The amount excluded from gross
income under section 959 of the Internal Revenue Code, because the amount was previously
included under sections 951A or 965 of the Internal Revenue Code, is an addition.
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, 2022.
new text end
Sec. 3.
Minnesota Statutes 2022, section 290.21, is amended by adding a subdivision to
read:
new text begin Subd. 10. new text end
new text begin Previously taxed deferred foreign income. new text end
new text begin
The amount included under
section 290.0133, subdivision 16, is dividend income.
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, 2022.
new text end