SF 1775

as introduced - 92nd Legislature (2021 - 2022) Posted on 03/09/2021 09:15am

A bill for an act
relating to taxation; income; excluding discharge of qualified principal residence
indebtedness from gross income.

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

Section 1. new text begin EXCLUSION FROM GROSS INCOME FOR DISCHARGE OF
QUALIFIED PRINCIPAL RESIDENCE INDEBTEDNESS.
new text end

new text begin Subdivision 1. new text end

new text begin Scope. new text end

new text begin This section applies for the purpose of calculating:
new text end

new text begin (1) net income, as defined in Minnesota Statutes, section 290.01, subdivision 19;
new text end

new text begin (2) income, as defined in Minnesota Statutes, section 290.0674, subdivision 2a;
new text end

new text begin (3) alternative minimum taxable income, as defined in Minnesota Statutes, section
290.091, subdivision 2;
new text end

new text begin (4) alternative minimum taxable net income, as defined in Minnesota Statutes, section
290.0921, subdivision 2; and
new text end

new text begin (5) income, as defined in Minnesota Statutes, section 290A.03, subdivision 3.
new text end

new text begin Subd. 2. new text end

new text begin Adopting federal changes related to exclusion from gross income of
discharge of qualified principal residence indebtedness. new text end

new text begin "Internal Revenue Code" has
the meaning given in Minnesota Statutes, section 290.01, subdivision 31, as amended through
the date specified in that subdivision, but including the following amendments providing
for exclusion from gross income under:
new text end

new text begin (1) section 101 of the Taxpayer Certainty and Disaster Tax Relief Act of 2019 in Public
Law 116-94; and
new text end

new text begin (2) section 113 of the Taxpayer Certainty and Disaster Tax Relief Act of 2020 in Public
Law 116-260.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective retroactively at the same time the
provisions of federal law specified in subdivision 2, clauses (1) and (2), were effective for
federal purposes.
new text end