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HF 4596

as introduced - 91st Legislature (2019 - 2020) Posted on 05/15/2020 02:48pm

KEY: stricken = removed, old language.
underscored = added, new language.

Current Version - as introduced

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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:

Section 1. new text beginFORGIVEN LOANS TO BE EXCLUDED FROM GROSS INCOME.
new text end

new text begin 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:
new text end

new text begin (1) "Internal Revenue Code" has the meaning given in Minnesota Statutes, section
290.01, subdivision 31; except
new text end

new text begin (2) "Internal Revenue Code" additionally incorporates the exclusion from gross income
for a discharge of indebtedness under Public Law 116-136, section 1106(i).
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, 2019, and before January 1, 2021.
new text end