HF 4642

as introduced - 92nd Legislature (2021 - 2022) Posted on 03/28/2022 02:39pm

A bill for an act
relating to taxation; individual income; establishing an income tax holiday for tax
year 2021 or 2022; appropriating money.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1. new text begin INCOME TAX HOLIDAY FOR TAX YEAR 2021 OR 2022.
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new text begin (a) Notwithstanding any law to the contrary, an individual taxpayer may elect to receive
an income tax holiday for one taxable year under this section. An individual may elect to
receive a holiday for either:
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new text begin (1) a taxable year beginning after December 31, 2020, and before January 1, 2022; or
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new text begin (2) a taxable year beginning after December 31, 2021, and before January 1, 2023.
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new text begin (b) Notwithstanding any law to the contrary, for a taxable year in which an individual
taxpayer elected to receive an income tax holiday, the taxpayer's liability for the taxes
imposed under Minnesota Statutes, sections 290.03 and 290.091, is $0. The commissioner
of revenue must refund to an individual any estimated payments of income tax for a taxable
year covered by this section and any taxes withheld under Minnesota Statutes, section
290.92. The amount necessary to pay the refunds required under this section is appropriated
from the general fund to the commissioner of revenue.
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new text begin (c) This section does not apply to an individual whose liability for tax is negative for
the taxable years in paragraph (a).
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new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for taxable years beginning after December
31, 2021, and before January 1, 2023.
new text end