as introduced - 91st Legislature (2019 - 2020) Posted on 05/15/2020 02:48pm
A bill for an act
relating to taxation; income; excluding forgiven loans from gross income.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
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For the purposes of calculating the corporate franchise tax imposed in Minnesota Statutes,
section 290.02, or the individual income tax imposed in Minnesota Statutes, section 290.03:
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(1) "Internal Revenue Code" has the meaning given in Minnesota Statutes, section
290.01, subdivision 31; except
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(2) "Internal Revenue Code" additionally incorporates the exclusion from gross income
for a discharge of indebtedness under Public Law 116-136, section 1106(i).
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This section is effective for taxable years beginning after December
31, 2019, and before January 1, 2021.
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